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Business Data Management, Quiz 1

September 2022 term, 16 Oct 2022, Set QPD2

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Question 1

+1−0Single correct

Total utility _________ at (a / an) _________ rate when marginal utility is decreasing but positive.

Select one option

A.
decreases, increasing
B.
increases, decreasing
C.
decreases, decreasing
D.
increases, increasing

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Total utility \_\_\_\_\_\_\_\_\_ at (a / an) \_\_\_\_\_\_\_\_\_ rate when marginal utility is decreasing but positive. Statement 1: She prefers bread over ice cream, and sandwiches over bread.\ Statement 2: She derives 100 utility points from eating a slice of bread.\ Which of the two utility theories, viz., the Cardinal Utility Theory (CUT) and the Ordinal Utility Theory (OUT), does each of these statements belong? The axes (x and y) of the indifference curve represent: