Assume the Total Utilities Corresponding to the First Four Units

question 70

Multiple Choice

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

• A) 0.
• B) 4.
• C) 12.
• D) 20.

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Definitions:

Monopoly

A market structure characterized by a single seller selling a unique product in the market, leading to limited competition.

Policymakers

Individuals or groups responsible for making decisions in government that influence laws, regulations, and policies.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market.

Deadweight Loss

A reduction in economic efficiency that happens when the balance for a product or service cannot be reached or is impossible to achieve.