Answer to Question #29791 in Economics of Enterprise for Jeff Mask

Question

True or False
1. The water–diamond paradox has never been resolved.
2. Total utility will rise as long as marginal utility is rising.
3. The concept of consumer surplus was formulated by Alfred Marshall.
4. Total utility is at a maximum when marginal utility is zero.
5. We are maximizing our utility when the marginal utility of each good or service we purchase is equal to its price.
6. Utility is measured by a product's usefulness.
7. As increasing amounts of a product are consumed, marginal utility will decline.8. If Matthew Avischious were to purchase five drinks at $1 each, he would a consumer surplus.
9. State the general utility formula.
10. Define marginal utility
11. Explain the law of diminishing marginal utility.
12. What is a consumer surplus?

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