Course Code eco719 Question ____ is best defined as the structural/organisational and other characteristics of a market Answer Market structure Question A ____ buys a good only if the purchase is expected to makes the person better off or at least not worse off. Answer consumer Question If a consumer equally prefers two product bundles, then the consumer is____ between the two bundles Answer indifferent Question ____ utility means an additional or incremental utility Answer Marginal Question _____ utility is the total satisfaction obtained from all units of a particular commodity consumed over a period of time Answer Total Question Consumers buy goods because they get ____ from them Answer satisfaction Question ____ is defined as the level of happiness or satisfaction connected with alternative choices Answer Utility Question ____ is also the study of consumers, groups, or organisations and the processes they use to select, secure, and dispose of goods, services, experiences, or ideas to satisfy needs and the effects that these processes have on the consumer and society Answer Consumer behaviour Question The consumer is considered to be a rational person, who tries to spend his or her money to derive the maximum amount of satisfaction, or _____ from it. Answer utility Question A basic assumption of microeconomics is that because a ____ does not have an unlimited budget, his or her available cash for spending must be judiciously allocated for maximum benefit Answer consumer Question ____ is best defined as the structural/organisational and other characteristics of a market Answer Market structure Question A ____ buys a good only if the purchase is expected to makes the person better off or at least not worse off. Answer consumer Question If a consumer equally prefers two product bundles, then the consumer is____ between the two bundles Answer indifferent Question ____ utility means an additional or incremental utility Answer Marginal Question _____ utility is the total satisfaction obtained from all units of a particular commodity consumed over a period of time Answer Total Question Consumers buy goods because they get ____ from them Answer satisfaction Question ____ is defined as the level of happiness or satisfaction connected with alternative choices Answer Utility Question ____ is also the study of consumers, groups, or organisations and the processes they use to select, secure, and dispose of goods, services, experiences, or ideas to satisfy needs and the effects that these processes have on the consumer and society Answer Consumer behaviour Question The consumer is considered to be a rational person, who tries to spend his or her money to derive the maximum amount of satisfaction, or _____ from it. Answer utility Question A basic assumption of microeconomics is that because a ____ does not have an unlimited budget, his or her available cash for spending must be judiciously allocated for maximum benefit Answer consumer Try Another Search