If a Consumer Receives 20 Units of Utility from Consuming

question 175

Multiple Choice

If a consumer receives 20 units of utility from consuming two candy bars, and 25 units of utility from consuming three candy bars, the marginal utility of the second candy bar is

• A)25 utils.
• B)20 utils.
• C)5 utils.
• D)unknown as more information is needed to determine the answer.

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Definitions:

Informal Norm

Unwritten and unofficial rules and behaviors that are understood and followed by members of a society without formal instruction.

Formal Sanctions

Official and authorized penalties or rewards imposed by a governing body or institution to enforce rules or laws.

Mores

Social norms that are widely observed and have great moral significance, guiding the moral and ethical behavior within a society.

Core Values

Fundamental beliefs or guiding principles that dictate behavior and action for an individual or organization.