A price increase for pizza will reduce the quantity of pizza demanded because it reduces a buyer's purchasing power. This is called :

Total utility may be determined by:

A. multiplying the marginal utility of the last unit consumed by the number of units consumed. B. summing the marginal utilities of each unit consumed. C. multiplying the marginal utility of the last unit consumed by product price. D. multiplying the marginal utility of the first unit consumed by the number of units consumed.

Which of the following is FALSE?

A) A consumer is maximizing total utility when he or she gets the same amount of marginal utility from the last dollar spent on each good purchased. B) As additional units of a good or service are consumed, marginal utility diminishes. C) Utility is want-satisfying power. D) Assuming that the law of diminishing marginal utility holds, the demand curve must be upward sloping.