Which of the following is true about marginal utility?
a. Marginal utility is total utility divided by the total quantity consumed.
b. Marginal utility is the change in total utility divided by the change in total quantity demanded.
c. Marginal utility is the satisfaction that a consumer experiences from all the units of a good or service consumed.
d. None of the above are true.
b
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A consumer's budget constraint is drawn with the quantity of pizza measured along the horizontal axis and the price of Pepsi measured along the vertical axis. If the market is offering the consumer the trade-off of 3 pints of Pepsi for 1 pizza, then what is the slope of the consumer's budget constraint?
The potential positive feedback that government spending may have on investment is known as the _____. The potential negative effect that government spending may have on investment is known as the _____ effect
Fill in the blank(s) with correct word