A basic hypothesis of marginal utility theory is that the utility ...

[Gabby]

Question 1

Emily's income is $400. She only buys goods X and Y.



FIGURE 6-13

Refer to Figure 6-13. When the price of X rises, the income effect is that the quantity of X changes by

◦ 2 units.
◦ 3 units.
◦ 4 units.
◦ 6 units.
◦ 12 units.

Question 2

A basic hypothesis of marginal utility theory is that the utility a consumer derives from successive units of a good diminishes as total consumption of the good increases. This hypothesis is known as
◦ utility maximization.
◦ the utility theory of demand.
◦ the law of diminishing marginal utility.
◦ the law of diminishing total utility.
◦ the paradox of value.

[feiojef]

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[Gabby]

YES! Correct, THANKS for helping me on my review

[Kedrick2014]

Thanks for the timely response, appreciate it