The Measure of the Benefit You Get from Consuming the Next

question 103

Multiple Choice

The measure of the benefit you get from consuming the next cup of coffee is your

• A) marginal utility of coffee.
• B) total utility from coffee.
• C) total utility per dollar spent on coffee.
• D) total utility from coffee when you are at your consumer equilibrium.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a public marketplace.

Colluded

When two or more parties come together, often in secret, to limit open competition by deceiving or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair market advantage.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various price levels.