Zachary Spends His Day Off Studying for a Total of Four

question 120

Multiple Choice

Zachary spends his day off studying for a total of four hours and exercising for one hour. Using the concept of utility to explain his choices, which of the following is true?

• A)The total utility he received from exercising for one hour was greater than the total utility he received from studying for four hours.
• B)The marginal utility he received from exercising for the first hour was greater than the marginal utility he received from studying for the first hour.
• C)The marginal utility he would have received from studying for a fifth hour would have been negative.
• D)The marginal utility he would have received from studying for a fifth hour would have been less than the marginal utility he received from the first hour of exercise.

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Definitions:

Market Equilibrium

A condition where the quantity supplied equals the quantity demanded at the market price.

Price Ceiling

A price ceiling is a government-imposed limit on the price charged for a product, intended to ensure the good remains affordable for consumers.

Widgets

A generic term for any hypothetical or unspecified product or manufactured good used in discussions of business and economics.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service.