A-LevelEconomicsThe price system and the microeconomy9708/31 · Oct/Nov 2019 · Q51 Mark

The diagram shows the total utility of a good for an individual consumer. Marginal utility gives a guide to the price a consumer is willing to pay. [Figure 5.1] What can be concluded about the price a consumer is willing to pay per unit? A The price a consumer is willing to pay will be higher at Qo than Q1. B The price a consumer is willing to pay will be higher at Q3 than Q0. C The price a consumer is willing to pay will be highest at Q2. D The price a consumer is willing to pay will be the same at Q₁ and Q3.

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Topic: The price system and the microeconomy, A-Level Economics (syllabus 9708). Structured question, 1 mark.
Source: A-Level Economics, Oct/Nov 2019 Paper 3 Variant 1, question 5.

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