If a Consumer Receives 22 Units of Marginal Utility for Consuming

question 105

Multiple Choice

If a consumer receives 22 units of marginal utility for consuming the first can of pop, 20 units from consuming the second, and 15 from the third, the total utility of consuming the three units is

• A)57 utility units.
• B)35 utility units.
• C)15 utility units.
• D)unknown as more information is needed to determine the answer.

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Definitions:

Bus Service

A form of public transportation that operates with a set schedule and route, providing transportation services to passengers.

More Elastic

Describes a demand or supply curve that shows a greater sensitivity to changes in price; a small change in price results in a larger change in quantity demanded or supplied.

Consumer Price

The price that end-users or consumers pay for goods or services, including taxes and distribution expenses.

More Elastic

Refers to a situation where the quantity demanded or supplied of a good or service is more sensitive to changes in price.