Which of the following is true of the law of diminishing marginal utility?
a. The additional utility that a person receives from consuming the first unit of a good will be more than the additional utility received from consuming the fifth unit of that same good.
b. The additional utility that a person receives from consuming the first unit of a good will be less than the additional utility received from consuming the fifth unit of that same good.
c. The additional utility that a person receives after consuming the first unit of a good will be equal to zero.
d. The additional utility that a person receives from consuming the first unit of a good will be equal to the additional utility received from consuming the fifth unit of that same good.
a
You might also like to view...
A tariff is a tax imposed by a government on
A) imports. B) exports. C) services. D) luxury items.
The Bland-Allison Act of 1878 and the subsequent Sherman Silver Purchase Act of 1890:
a. led to an extended period of inflation in the U.S. b. were both followed by increases in the market price for silver. c. had no significant impact on silver prices or the price level. d. decreased the Treasury's supply of silver.
Suppose a change in technology increases the marginal product of labor. The result is a(n):
a. downward movement along the demand for labor curve. b. rightward shift in the demand for labor curve. c. leftward shift in the demand for labor curve. d. upward movement along the demand for labor curve.
The price of eggs might go up because:
A) of an increase in the price of bacon. B) the price of chicken feed increased. C) the supply of eggs increased. D) the demand for eggs fell.