Marginal utility will generally decrease when:

Marginal utility will generally decrease when:
 a. more of a particular good is consumed.
  b. less of a particular good is consumed.
  c. average utility is the least.
  d. per capita utility is the least.
  e. the TU curve's slope is positive rather than negative.

QUESTION 2

Which of the following factors is not a barrier limiting the entry of potential competitors into a market?
 a. legally enforced patent rights
  b. an inelastic demand for a product
  c. licensing
  d. control over an essential resource

QUESTION 3

A fall in marginal utility reflects:
 a. the water and diamond paradox.
  b. the law of supply.
  c. the principle of diminishing marginal utility.
  d. decreased consumption of a good.
  e. the fact that total utility must be declining.

QUESTION 4

Which of the following is not associated with the monopoly market structure?
 a. Many sellers.
  b. A single seller.
  c. A unique product.
  d. Impossible entry into the market.

QUESTION 5

As a general rule, marginal utility will be less:
 a. as less of the good is consumed.
  b. as more of the good is consumed.
  c. when average utility is at a maximum.
  d. only when the good is inferior.
  e. when satisfaction is less than cost.

QUESTION 6

What are the pros and cons of a competitive market in the long run?

QUESTION 7

The total utilities associated with the first 5 units of consumption of good X are 15, 30, 40, 47, and 50, respectively. What is the marginal utility associated with the third unit?
 a. 15.
  b. 70.
  c. 85.
  d. 10.
  e. 45.