TABLE 6-6 -Refer to Table 6-6. the Table Gives Lola's Total Utility

question 149

Multiple Choice

TABLE 6-6

-Refer to Table 6-6. The table gives Lola's total utility from purchasing pairs of shoes. What is her marginal utility from the second pair?

• A) 7
• B) 8
• C) 27
• D) 35

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Definitions:

Circular Flow Diagram

A visual model of the economy that shows how money flows through markets among households and firms, illustrating economic interactions.

Payments

Transactions or transfers of money or equivalents as a form of settling a debt or fulfilling an obligation.

Factors of Production

The inputs used in the production of goods or services in the process of creating economic value, including land, labor, capital, and entrepreneurship.

Goods and Services

The tangible and intangible items that satisfy human wants and needs, which are produced and consumed by individuals and businesses.