Marginal Utility

question 85

Multiple Choice

Marginal utility:

• A)is the ratio of total utility to total consumption.
• B)is the rate at which total utility changes as the level of consumption rises.
• C)will always be equal to the product's price.
• D)tells us nothing; we're only concerned with total utility.

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Definitions:

Cultures

The shared beliefs, norms, behaviors, and symbols that a group of people accepts, generally without thinking about them, and that are passed along by communication and imitation.

McCrae and Costa

McCrae and Costa are best known for their development of the Five Factor Model of personality, which outlines five broad dimensions of personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Sociability

The tendency to seek and enjoy the company of others; being friendly and social.

Emotionality

The observable behavioral and physiological component of emotion; refers to a person's intensity and frequency of emotional expressions.