The law of diminishing marginal utility does not apply to goods that a person really enjoys.
Answer the following statement true (T) or false (F)
False
Even people who love popcorn, for instance, don't eat endless quantities of it because at some point the satisfaction derived from one more box will decrease.
You might also like to view...
Individual supply curves generally slope ________ because ________.
A. downward; sellers become more efficient with practice. B. downward; inputs are cheaper when purchased in high volume. C. upward; profits increase with quantity. D. upward; of increasing opportunity costs.
After you finish your degree, suppose your salary is $52,000 per year. This is an example of money as
A) a medium of exchange. B) a unit of account. C) a store of value. D) M1.
The difference between a firm's assets and liabilities is its
A) net worth. B) economic profit. C) implicit costs. D) accounting profit.
The concept of holding reserves, such as gold, that are less than the value of the total deposits
A) is known as fractional reserve banking. B) has been illegal since the passage of the Financial Services Modernization Act of 1999. C) is known as non-credit banking. D) None of the above are correct.