Micro exam 2

C. positive, negative, or zero.

Marginal utility can be A. positive, but not negative. B. positive or negative, but not zero. C. positive, negative, or zero. D. decreasing, but not negative

C. negative.

1. Mary says, "You would have to pay me $50 to attend that pro wrestling event." For Mary, the marginal utility of the event is A. zero. B. positive, but declines rapidly. C. negative. D. positive, but less than the ticket price.

D. utility

1. The ability of a good or service to satisfy wants is called A. utility maximization. B. opportunity cost. C. revenue potential. D. utility.

B. is the satisfaction or pleasure one gets from consuming it.

The utility of a good or service A. is synonymous with usefulness. B. is the satisfaction or pleasure one gets from consuming it. C. is easy to quantify. rarely varies from person to person.