Diminishing marginal utility means that
a. as you consume more of a good, other things constant, the total satisfaction you obtain from consuming this good tends to fall
b. as you hire more labor, other things constant, the total amount produced begins to fall
c. as you hire more labor, other things constant, the marginal product begins to fall
d. as you consume more of a good, other things constant, the additional satisfaction you obtain from each additional unit of the good tends to fall
e. as you consume more of a good, other things constant, the extra satisfaction you obtain from each extra good becomes negative
D
You might also like to view...
Resources are
a. scarce for households but abundant for the whole economy b. abundant for households but scarce for the whole economy c. scarce for households and scarce for the whole economy. d. abundant for households and the whole economy.
Which of the following is an example of a public good?
a. telephone service b. national defense c. a city-owned bus d. electricity generated by a city-owned public utility
Explain how a small amount of international debt can become a very heavy burden for a developing economy
When an economy operates efficiently,
a. the MRPs of every input into the production of a good are equal. b. marginal utility equals marginal cost for every good. c. the price of a good equals the sum of the marginal physical products of its inputs. d. All of the above are correct.