Suppose the government provides peanut butter to everyone free of charge and everyone consumes it to the point at which he receives no additional satisfaction from another spoonful. Is this necessarily good? Group of answer choices Yes, because everyone is satisfied.

Question:

Suppose the government provides peanut butter to everyone free of charge and everyone consumes it to the point at which he receives no additional satisfaction from another spoonful. Is this necessarily good?

A) Yes, because everyone is satisfied.

B) No, because there might be some cases where the resources used to produce peanut butter could have been better used to produce more of other products.

C) Yes, because the law of diminishing marginal utility indicates that in order to get the greatest amount of satisfaction from the use of resources, people should consume as much of every good as they can.

D) none of the above  

The Correct Answer is  B)              

Explanation:

The question above speaks to the concept of Marginal Utility and how Marginal Analysis is used in Public Policy Formulation for Optimal Decision Making.

To get the explanation, you'd need to understand the basic terms. They are given below:

Utility is defined in economics as benefit enjoyed by consuming a product or service;

This means that Marginal utility of a good or service is the change in the utility derived due to an increase in the consumption of that good or service.

Marginal Analysis  is the process of breaking down a decision into a series of ‘yes or no’ decisions. More formally, it is an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.

In other words, does the added utility enjoyed or benefits derived from producing and consuming additional amounts of a good or service justify the additional costs spent in creating such good?  

That's exactly the question above.

One of the principles of economics is the Law of Diminishing Marginal Utility. It simply states that the first unit of consumption of a good or service yields more utility than the second and subsequent units, with a continuing reduction for greater amounts.

In other words, as one consumes more and more of a commodity, they derive less and less satisfaction from it.

So the question above seeks to clarify whether it is wise for the government to continue to supply peanut butter until marginal utility is Zero.

The rule and the answer therefore is this:

The peanut butter may have been supplied free of charge, but they were not produced at zero costs.

Therefore to continue to supply after benefits have hit rock bottom would be counter productive.

The government may continue to supply for as long as there is some benefits being derived from the consumption of peanut butter and the cost of production is less than the benefits enjoyed.

Cheers!

in brief the senate may propose or concur with amendments as on other bills.

explanation:

the topics being handled in article 1, section 7, of the u.s constitution, revolve around two issues: the first, the correct procedure to pass legislation regarding revenue production through tax, and the second, the correct process for creating and passing law. in the first case, the text of the constitution literally states that all bills regarding the raising of money, or revenue, need to first be proposed by the house of representatives, although the senate may also play a role here by either proposing such a bill to the house, or agreeing with one being proposed by the house. the second portion, speaks about the process to create, pass and enact legislation. the bill must first be raised by one of the houses, then it must be voted by the plenaries of both houses, and then, it must be presented to the president of the united states, who will either accept it, or veto it, and send it back for reconsideration. if it is not sent back, then the bill is passed into law. if sent back by the president, then the house where the bill originated from will vote again, and if passed by two thirds of the majority, then it goes to the other house, with the observations from the president, for voting. if it passes there as well, then, the bill becomes law, with a few exceptions. this is what is explained in article i, section 7, of the u.s constitution.

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