Author Question: If total utility increases by smaller and smaller amounts as more units of a product are consumed, ... (Read 78 times)

jrubin · **on:** Jun 30, 2018

If total utility increases by smaller and smaller amounts as more units of a product are consumed, then marginal utility is:
a. decreasing and is a negative amount.
b. decreasing and is a positive amount.
c. zero.
d. increasing and is a negative amount.
e. increasing and is a positive amount.

Question 2

If average fixed cost and average variable cost are summed together, the result is:
a. total revenue.
b. total profit.
c. total cost.
d. average total cost.