The law of diminishing marginal utility explains why:
A. supply curves slope upward.
B. demand curves slope downward.
C. addicts can never get enough.
D. people will only consume their favorite goods and not try new things.
Answer: B
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In the case of a domestic monetary shock, floating exchange rates
A) make the home economy less vulnerable. B) make the home economy more vulnerable. C) make the foreign economy more vulnerable. D) would not affect the foreign economy. E) would not affect the home economy.
Given the scenario described, if the market price of hammers increased from $8 to $11:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. total producer surplus would increase to $5. B. total producer surplus would decrease to $1. C. total producer surplus would increase to $17. D. total producer surplus would decrease to $7.
Input choices in the present are often affected by past decisions
a. True b. False Indicate whether the statement is true or false
If people buy less flowers at every price when their incomes fall, then
a. flowers are a normal good. b. the demand for flowers is positively sloped. c. demand for flowers has increased. d. the price of flowers has increased. e. there has been a decrease in population that changed demand.