Question
In: Economics
Determine whether each of the following statements is true or false. You are also required to...
Determine whether each of the following statements is true or false. You are also required to explain why, the answer is true or false, in other words provide the justification for saying so.
a. According to the theory of consumer behavior, more is always better.
b. Consumer must understand how much one product is preferred over another in order to rank order consumption alternatives.
c. Marginal Utility measures the consumer’s overall level of satisfaction derived from consumption activities.
Solutions
Expert Solution
Answer)
a) According to the theory of consumer behavior, more is always better. The Statement is True. All consumers want to derive maximum utility from the goods and want as much units of goods as they can buy. So, this statement is complete and correct.
b) Consumer must understand how much one product is preferred over another in order to rank order consumption alternatives. This statement is True. The consumers rank each baskets of goods in order of their preferences and buy that basket of goods from which they derive maximum utility. So, this statement is correct.
c) Marginal Utility measures the consumer’s overall level of satisfaction derived from consumption activities. This statement is False. Marginal Utility is defined as the additional utility derived from consumption of an additional unit of a good. It is not the overall satisfaction from consumption activities. So, this statement is incorrect.
If you have any doubts please comment...
Rahul Sunny answered 7 months agoRelated Solutions
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