Post Utme Futa 2018 Economics Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Futa Economics examination.

Post Utme Futa 2018 Economics Objective / Multiple Choice
Question 1 POST_UTME_FUTA • 2018 • ECONOMICS • objective

U\sing the concept of diminishing marginal utility, explain why a consumer may prefer to purchase a smaller quantity of a product at a higher price rather than a larger quantity at a lower price.

Answer Options

A. The consumer values the product's quality over its quantity.
B. The consumer is willing to pay a premium for the product's brand reputation.
Correct Answer C. The consumer is experiencing diminishing marginal utility, making the higher price more acceptable.
D. The consumer is trying to save money by buying in bulk.
Correct Answer
C
Correct Option:
The consumer is experiencing diminishing marginal utility, making the higher price more acceptable.

About This Question

This is Post Utme Futa 2018 Economics Question 1. It is one of the objective questions from the 2018 Post Utme Futa Economics examination.

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