Author Question: Scarcity impels an individual to make choices. a. True b. False Indicate whether the statement is ... (Read 153 times)

shenderson6 · **on:** Jun 30, 2018

Scarcity impels an individual to make choices.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Which of the following is true?
a. Total utility is the aggregate level of satisfaction that results from consumption of a given number of goods and services.
b. Marginal utility is the additional satisfaction generated by the last unit of a good that is consumed.
c. Total utility equals marginal utility of the last unit times the number of units consumed.
d. Both a. and b. are true.