The concept that suggests the consumption of the first few units of any good tends to bring a higher level of utility to a person than consumption of later units is the:
a. law of diminishing marginal utility.
b. law of supply.
c. law of demand.
d. law of consumption.
a. law of diminishing marginal utility.
The concept that suggests the consumption of the first few units of any good tends to bring a higher level of utility to a person than consumption of later units is the law of diminishing marginal utility.
You might also like to view...
A price maker is
A) a consumer who participates in an auction where she announces her willingness to pay for a product. B) a firm that is able to sell any quantity at the highest possible price. C) a person who actively seeks out the best price for a product that he or she wishes to buy. D) a firm that has some control over the price of the product it sells.
Inventory investment is
a. never positive. b. often negative. c. can be either negative or positive. d. always positive.
In long-run equilibrium, output is expanded to the minimum long-run average total cost by:
a. perfectly competitive firms but not by monopolistically competitive firms. b. monopolistically competitive firms but not by perfectly competitive firms. c. both monopolistically competitive firms and perfectly competitive firms. d. neither perfectly competitive firms nor monopolistically competitive firms.
Seth is a surgeon who goes to Cambodia each summer and donates two weeks of his time to local hospitals. From an economic standpoint, utility is gained by:
A. Seth, knowing the local paper writes a story about his trip every time he comes home. B. Seth's patients. C. Seth, knowing he is doing a good deed. D. All of these are true.