The principle of diminishing marginal utility says that
a. as more of a good or service is consumed, demand will decrease.
b. as more of a good or service is consumed, the price will rise.
c. the marginal utility of additional units consumed will increase.
d. the marginal utility of additional units consumed will decline.
D
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How does the United States compare to other advanced, industrialized economies on the issue of openness?
A. The U.S. economy is completely closed. B. The U.S. economy is at the low end of openness. C. The U.S. economy is above average in openness. D. The U.S. economy is among the most open. E. The U.S. economy is the most open of any economy.
The above table has the demand for money schedule
a) If the Fed supplies $1.1 trillion dollars, what is the equilibrium interest rate? b) Discuss how equilibrium is restored if the interest rate is greater than the equilibrium rate found in part (a).
Which of the following is true?
a. Changes in personal costs and benefits will exert a predictable influence on the choices of people. b. If one individual gains from an economic activity, then someone else must lose. c. If a good is provided free to an individual by government, its production will not consume valuable scarce resources. d. If the intentions behind a policy are good, you can be assured that the outcome will be desirable.
With an upward-sloping AS curve, a decrease in transfer payments can lead to a decrease in inflation.
Answer the following statement true (T) or false (F)