
Consumer Behaviour 1
Flashcard
•
Social Studies
•
University
•
Practice Problem
•
Hard
AIN FARHA
FREE Resource
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10 questions
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1.
FLASHCARD QUESTION
Front
What is utility in economics?
Back
Satisfaction from consumption
2.
FLASHCARD QUESTION
Front
Which of these is a constraint? Options: Weekend, Free time, Money limitation, Travel plan
Back
Money limitation
3.
FLASHCARD QUESTION
Front
Marginal utility means:
Back
Extra satisfaction from an extra unit
4.
FLASHCARD QUESTION
Front
The more you consume a good, marginal utility will...
Back
Decrease
5.
FLASHCARD QUESTION
Front
What does the law of diminishing marginal utility state?
Back
Utility decreases with each additional unit consumed
6.
FLASHCARD QUESTION
Front
Which of the following best describes total utility?
Back
The sum of all marginal utilities
7.
FLASHCARD QUESTION
Front
How does consumer choice theory relate to utility?
Back
It explains how consumers maximize their utility
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