Theory of Consumer Choice-Total Utility & Marginal Utility [AP (Advanced Placement) Microeconomics]: Questions 1 - 4 of 11

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Question 1

Total Utility & Marginal Utility

Appeared in Year: 2014 (NET)

Question

MCQ▾

Who distinguished between value in use and value in exchange and gave the famous example of diamonds and water? (June)

Choices

Choice (5)Response

a.

Alfred Marshall

b.

David Ricardo

c.

Karl Marx

d.

Adam Smith

e.

Question does not provide sufficient data or is vague

Question 2

Total Utility & Marginal Utility

Appeared in Year: 2013 (NET)

Question

Assertion-Reason▾

Assertion(Ꭺ)

Consumer Surplus is the difference between the potential price and actual price. (Dec)

Reason(Ꭱ)

There exists an inverse relationship between the price and consumer surplus.

Choices

Choice (5)Response

a.

Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ

b.

Both Ꭺ and Ꭱ are true but Ꭱ is NOT the correct explanation of Ꭺ

c.

Ꭺ is true but Ꭱ is false

d.

Ꭺ is false but Ꭱ is true

e.

Both Ꭺ and Ꭱ are false

Question 3

Total Utility & Marginal Utility

Appeared in Year: 2017 (NET)

Question

MCQ▾

Where symbols have their usual meaning, at which price, the elasticity of demand would be unity?

Choices

Choice (5)Response

a.

10

b.

20

c.

5

d.

All a., b. and c. are correct

e.

None of the above

Question 4

Total Utility & Marginal Utility

Appeared in Year: 2016 (NET)

Question

MCQ▾

In the standard adjoining diagram, the measure of consumer surplus is

Diagram of the Consumer Surplus

(Paper II)

Choices

Choice (5)Response

a.

AB

b.

PA

c.

AO

d.

OB

e.

Question does not provide sufficient data or is vague

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