The law of diminishing marginal utility states that total utility will increase at a decreasing rate as additional units of a commodity are acquired
a. True
b. False
Indicate whether the statement is true or false
True
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When a nation's real per capita Gross Domestic Product (GDP) increases, which of the following is TRUE?
A) Every individual in that nation shares in the economic gain. B) A nation must channel most of the economic gains to its poorest citizens. C) Low income people are guaranteed to lose; they never share in their nation's economic gains. D) We don't know who has most benefited from economic growth unless we look at the distribution of income.
A central bank's balance sheet will categorize the following as liabilities:
A. foreign exchange reserves. B. securities. C. currency. D. loans.
An increase or decrease in taxes will have a multiplier effect on equilibrium GDP on the demand side.
Answer the following statement true (T) or false (F)
Why is a monopolist's marginal revenue less than the price?
What will be an ideal response?