If John's Marginal Utility Derived from the Consumption of Another

question 219

Multiple Choice

If John's marginal utility derived from the consumption of another candy bar is 1 and the price of the candy bar is $1.50, then

• A)this is the last candy bar John will purchase since the marginal utility is less than the price.
• B)the opportunity cost of the candy bar is less than $1.50.
• C)if John purchases and consumes the candy bar his total satisfaction will go down because the marginal utility is less than the price.
• D)there is not enough information to determine if John will or will not purchase the candy bar.

---

Definitions:

Statutory Law

The assortment of rules and regulations put forth by legislatures.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, an international treaty that establishes a uniform framework for international commerce.

Statute of Frauds

a legal concept requiring certain types of contracts to be in writing and signed by the party to be charged, to prevent fraudulent claims and perjuries.

United Nations Convention

An international treaty agreed upon by member states of the United Nations, aimed at setting out specific legal standards and norms.