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True or False Quiz
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1
The term “marginal” means the difference between averages.
A)True
B)False
2
Utility is defined as the satisfaction or pleasure derived from the consumption of a product.
A)True
B)False
3
Marginal utility is the additional utility derived from the consumption of one more unit of a product.
A)True
B)False
4
The law of diminishing marginal utility suggests that as successive units of a product are consumed, total utility declines.
A)True
B)False
5
If the marginal utility per dollar spent on product A is greater than that of product B, then a rational consumer should consume more of product B to compensate.
A)True
B)False
6
It is the marginal utility of the last unit consumed that determines how much a consumer is prepared to pay for a product.
A)True
B)False
7
Consumer surplus is the additional amount that consumers have to pay if they really need a particular product.
A)True
B)False
8
The consumer surplus derived from products that have an inelastic demand is greater than that from products with an elastic demand.
A)True
B)False
9
Price discrimination is the practice of charging different prices for different products.
A)True
B)False
10
Price discrimination cannot be practiced if consumers are able to resell the product.
A)True
B)False





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