Assume the Total Utilities Corresponding to the First Four Units

question 9

Multiple Choice

Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, 15, respectively. The marginal utility of the third unit consumed is:

• A) 2.
• B) 14.
• C) 4.
• D) 34.

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Definitions:

Consumer Debt

Money owed by consumers as a result of purchasing goods or services that are consumable and do not appreciate over time.

Employer

An individual or entity that hires and pays wages to employees for their labor.

Unfair Business Practices

Actions undertaken by businesses that are deceptive, misleading, or unethical, often to gain an advantage over consumers or competitors.

Penalties

Fines or other forms of punishment imposed on individuals or organizations for breaking laws or regulations.