If the Total Utility Derived from Consuming Three Oysters Was

question 229

Multiple Choice

If the total utility derived from consuming three oysters was 40 utils and the total utility derived from consuming four oysters was 52 utils, what was the marginal utility derived from the consumption of the fourth oyster?

• A) 92 utils
• B) 52 utils
• C) 12 utils
• D) It is impossible to determine.

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Definitions:

Income Statement

A financial document that provides a summary of a company's revenues, expenses, and profits/losses over a specific period.

Long-Term Note Payable

A loan or debt with a repayment period that extends beyond one year, often used for significant business investments.

Mortgage Payable

A long-term liability representing borrowed funds secured by the pledge of property, to be repaid within a specified period.

Installment Payment

A method of paying for goods or services over a period of time in regular, scheduled payments.