Net Utility Is

question 26

Multiple Choice

Net utility is

• A)equal to total utility from the quantity acquired of a good minus the utility lost by having to pay for it.
• B)equal to the sum of the marginal utilities.
• C)equal to an optimal number easily calculated by the consumer.
• D)always greater than total utility.

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Definitions:

Quantity Demanded

The quantity of a product or service that buyers are ready and capable of buying at a certain price.

Complements

Items or services that complement each other in such a way that a rise in demand for one results in a rise in demand for its counterpart.

Demand Curve

A graph that represents the relationship between the price of a good or service and the quantity demanded by consumers.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.