The law of diminishing marginal utility says that
a. as more of a good is consumed, total utility diminishes causing marginal utility to diminish as well
b. as more of a good is consumed, total utility increases causing marginal utility to diminish
c. with reference to consumption, more is better than less until a point is reached after which less is better than more
d. with reference to consumption, less is better than more until a point is reached after which more is better than less
e. we always value the "one before the last one" more
E
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pens pencils Year 1 quantity 15 10 Year 1 price $12 $12 Year 2 quantity 17 12 Year 2 price $14 $15 What is the real GDP in year 2 using base year 1? A) $418 B) $300. C) $360. D) $338.
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