Total utility can be calculated as the

Total utility can be calculated as the
 a. sum of all marginal utilities
  b. price paid for one unit of a good
  c. product of all marginal utilities
  d. total expenditure on all units of a good the consumer buys
  e. difference between the marginal utilities of the first and last units of a good

QUESTION 2

Demand curves usually slope downward because of the income and substitution effects, and because of the law of diminishing marginal utility.
 a. True
  b. False

QUESTION 3

Positive marginal utility implies increasing total utility.
 a. True
  b. False

QUESTION 4

Marginal utility is negative only when quantity demanded is negative.
 a. True
  b. False

QUESTION 5

If marginal utility is negative, total utility is negative.
 a. True
  b. False

QUESTION 6

As a consumer buys more of a good, total utility eventually becomes negative.
 a. True
  b. False

QUESTION 7

The law of diminishing marginal utility implies that the marginal utility of my fifth hot dog is less than the marginal utility of my second soft drink, other things constant.
 a. True
  b. False