Who makes the decision about how much utility an individual will receive from consuming a good?

1. What are the th Show more Principles of economic: economic and the economy by Tim Taylor (3rd ed) Chapter 1 1. What are the three basic questions that every economy must address? Chapter 8 1. Who makes the decision about how much utility an individual will receive from consuming a good? 3. Would you expect marginal utility to rise or fall with additional consumption of a good? why? 5. If people do not have a complete mental picture of their total utility for every level of consumption how can they find their utility-maximizing consumption choice? 7. As a general rule is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good rather than on the quantity demanded of their goods? explain 9. As a general rule is it safe to assume that a higher wage will encourage significantly more hours worked for all individuals? explain. 11. As a general rule is it safe to assume that a lower interest rate will encourage significantly lower financial savings for all individuals? explain Show less

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