The Marginal Utility of a Third Skirt Is

question 24

Multiple Choice

The marginal utility of a third skirt is

• A) three times the average utility of the three skirts.
• B) three skirts times the price of a skirt.
• C) the total utility of three skirts divided by three.
• D) the change in total utility from the third skirt.

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Definitions:

Value Judgments

Assessments based on personal or societal preferences, beliefs, or ethics, as opposed to objective measurements.

Policy Alternatives

Various strategies or plans of action that policy-makers can consider and potentially implement to address specific public issues.

Scientific Study

A systematic and objective investigation conducted to acquire knowledge and understand natural phenomena through observation and experimentation.

Positive Economic Statement

An objective statement based on fact that can be tested and validated.