Utility

Question 1 of 10

Utility is the

Question 2 of 10

Consumer surplus is the difference between

Question 3 of 10

The law of diminishing marginal utility states that

Question 4 of 10

The paradox of value (water–diamond paradox) is explained by

Question 5 of 10

When marginal utility is zero, total utility is

Question 6 of 10

A consumer gets the most satisfaction from a budget when

Question 7 of 10

Total utility from 1, 2 and 3 oranges is 10, 18 and 24 units. What is the marginal utility of the third orange?

Question 8 of 10

A consumer buys goods X and Y priced GH¢2 and GH¢4. At equilibrium, if MUx = 10, then MUy must be

Question 9 of 10

A consumer is in equilibrium with two goods when

Question 10 of 10

Total utility is maximised when marginal utility is