Which of the following statements is correct?
a. The "law" of diminishing marginal utility implies that demand curves slope upward and to the right.
b. If the price of a good falls, the utility-maximizing consumer will assure that marginal utility rises.
c. If the price of a good falls, the consumer will purchase more of the good in order to maximize total utility.
d. MU and demand have different underlying consumer behavior assumptions.
c
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If the market in the figure above is a profit-maximizing single-price monopoly, the producer surplus is the area ________
A) ABH B) BFGH C) ACG D) BDEH E) ACE
Stabilization of business cycle fluctuations focuses on the long run
Indicate whether the statement is true or false
Label the short-run supply curve.
A major effect of the rise in the rate of productivity growth in the United States is a(n):
A. Rise in the rate of inflation B. Rise in the growth of living standards C. Increase in the relative prices of U.S. goods in foreign markets D. Increase in the competitiveness of U.S. goods in foreign markets