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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define 'Marginal Utility'.
💡 Hint: Think about what you feel when you consume extra servings of food.
Question 2
Easy
What happens to demand when prices rise?
💡 Hint: Consider how much less you buy when prices go up.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is Marginal Utility?
- A decrease in satisfaction
- Additional satisfaction from one more unit
- Total satisfaction received
💡 Hint: Consider how much you enjoy extra helpings.
Question 2
True or False: The law of diminishing marginal utility states that as you consume more, your total satisfaction always increases.
- True
- False
💡 Hint: Think about how eating more affects your enjoyment.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Imagine a scenario where a new smartphone is released with advanced features at a premium price. How might consumer preferences change over time as the initial excitement wears off?
💡 Hint: Think about your most recent tech purchases and how trends shift.
Question 2
Consider the impact of an economic downturn on consumer behavior. How may individual and market-level demand shift?
💡 Hint: Reflect on past economic events and their impact on your purchasing choices.
Challenge and get performance evaluation