A fall in marginal utility reflects:
a. the water and diamond paradox.
b. the law of supply.
c. the principle of diminishing marginal utility.
d. decreased consumption of a good.
e. the fact that total utility must be declining.
c
You might also like to view...
According to the U.S. Secret Service, approximately $2.6 billion of U.S. paper currency in circulation is counterfeit
Undetected counterfeit currency which is spent and circulated in the marketplace is an example of the counterfeit currency being used as a A) medium of exchange. B) store of value. C) commodity money. D) bank reserve.
If total Fed liabilities __________, then reserves have to __________, everything else being equal
A) fall; rise B) rise; rise C) fall; fall D) None of the above.
At the competitive equilibrium with a positive proportional labor income tax
A) the real wage after tax exceeds the marginal product of labor. B) the real wage after tax equals the marginal product of labor. C) the real wage after tax is lower than the marginal product of labor. D) We cannot say.
A firm wanting to maximize profits should operate in such a way that
A) the MRP of each input is equal to or greater than its MFC. B) MRP equal MFC in the input market but MC must exceed MR in the output market. C) marginal revenue must be equal to the marginal revenue product. D) none of the above.