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C. Fixed costs are always the largest portion of total costs.<br />
D. none of the above<br />
Question 23 of<br />
2.5/ 2.5 Points<br />
40<br />
Maxine has a fixed income per month to spend on goods and services, so in allocating her<br />
limited income over a set of goods, she should purchase the goods that __________ .<br />
A. have the highest utility regardless of<br />
price<br />
B. have the highest marginal utility<br />
C. provide the most utility per dollar spent<br />
D. have equal marginal utilities<br />
Question 24 of<br />
0.0/ 2.5 Points<br />
40<br />
The satisfaction experienced from consuming a good or service is referred to as __________ .<br />
A. utility<br />
B. marginal utility<br />
C. the law of diminishing marginal<br />
utility<br />
D. all of the above<br />
Question 25 of<br />
2.5/ 2.5 Points<br />
40<br />
Utility can be thought of as the same as __________ .<br />
A. opportunity cost
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