If a restaurant served free steaks, people would consume more and more steaks until their ________ fell to zero.

marginal utility

total utility

consumer surplus

none of these

If food were free in your school cafeteria, you would keep eating until

your total utility was zero

your marginal utility was zero

your consumer surplus was zero

you were sick

Table-Demand and Utility Table for action figures:

Price Quantity Demanded

$14 1

$12 2

$10 3

$8 4

$6 5

What is tommy's total utility for 5 action figures?

Suppose you buy eight pairs of shoes every spring. This year, your shoe store has a huge sale and you end up buying 12 pairs. How does your consumer surplus now compare to how much it would have been had there been no sale?

its definitely higher

its probably higher

remains the same

definitely lower

Marginal utility

is the usefulness a consumer derives from a certain good or service.

is the utility a consumer derives from a certain good or service.

increases as more of a good or service is consumed.

is the additional utility derived from consuming one more unit of a good or service

As you buy more and more of an item, your total utility ____ and your marginal utility ____.

rises;rises

falls;falls

rises;falls

falls;rises

If Rachel bought too many hot dogs, her marginal utility would become negative and her total utility would

rise more slowly

stop rising

begin to fall

become negative

A person who wishes to maximize his or her satisfaction from the consumption of a product should consume until

marginal utility is maximized.

marginal utility is equal to total utility.

total utility is equal to zero.

marginal utility is equal to zero.

total utility begins to increase.