The relationship between total quantity demanded and the price is called the _________ demand.

market
marginal
equilibrium
total

The market demand curve for CDs is the _______ of all the individual demand curves for CDs.

horizontal sum
horizontal product
sum
vertical sum

The satisfaction that a person receives from consuming a good or service is called ______________.

utility
marginal benefit
marginal utility
total utility

Marginal utility theory assumes that when Sally consumes more of a good that she likes, her _________________.

total utility increases
income increases
total utility is maximized
marginal utility increases

Mark's marginal utility from reading books is the _______ when he reads ____________ .

change in his total utility; one additional book
change in his total utility; more books
consumer surplus he gets; books
total utility he gets; one more book

As you consume more and more of any good, you experience ___________________ utility.

diminishing marginal
increasing marginal
negative marginal
diminishing total

With a given income and prices of goods, Marcus will be in a consumer equilibrium if ______________________.

he maximizes his total utility
his marginal utility from all goods is the same
he saves some of his income for the future
he purchases the same amounts of all goods

The marginal utility per pound spent is equal to the ______________ consumed divided by the price of the good.

marginal utility from the last unit
total utility from all units
average utility from the units
marginal utility from all units

Liane maximizes her total utility when she allocates all of her available income such that the marginal utility per pound spent on each good _________.

is the same
is maximized
is diminishing
is increasing

Marginal utility theory shows us that a rare gem which we value highly has a _______marginal utility and a _______ total utility.

large; small
small; large
small; small
large; large

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