Marginal utilitySelected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.ais the same as the extra utility from consuming an additional unit of a good.bincreases as more of a good is consumed.cincreases as the total utility of consuming a good increases.dis the same as the utility of consuming a good.eis the same for all units of a good, but it varies from one consumer to another.

According to the principle of marginal decision-making, in order to make the best of any situation a decision-maker should:Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.aconsider the impact on average costs and benefitsbtake the marginal costs and benefits of the action into accountclook at the total benefits received up to that pointdchoose a consumption level where marginal utility equals priceenever consume a good whose price is less than the marginal utility

Suppose that every morning Samantha buys both tea and coffee. The price of a cup of tea is $1, and the price of a cup of coffee is $2. At her current consumption level, which exhausts all of her income, Samantha’s marginal utility (MU) from drinking the last cup of tea she buys is 50 utils and her marginal utility from drinking the last cup of coffee she buys is 80 utils. To maximize her utility given her current income, Samantha should:Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.aBuy less tea and more coffeebBuy more tea and less coffeecBuy more of both tea and coffeedNot change her consumption of tea and coffee

A consumer’s budget line depictsSelected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.athe utility that an individual would receive from consuming various combinations of two goodsbthe combinations of goods that a person can afford at given prices and incomechow changes in income affect utility for given pricesdthe combinations of goods where marginal utility divided by price is the same for all goods

If a good is “nonrival” in consumption, that meansSelected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.athis is a customer’s most preferred good given the available options and prices.bthere is a lack of competition in the production of this good.cmany people can simultaneously consume this good at the same time.dvery few consumers desire to purchase this good at the current price.eno one can be excluded from consuming this good.

Suppose that there are external benefits in an otherwise perfectly competitive market. The market will produce ______________ the allocatively efficient level of output.Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.amore thanbless thancan amount equal todeither an amount equal to or an amount more than