According to the law of diminishing marginal utility, the more of a product a person consumes per time period, other things constant:
a. the smaller will be the total utility.
b. the smaller the total satisfaction per unit of consumption.
c. the smaller the additional utility from an additional unit of consumption.
d. the smaller will be the average utility.
c
You might also like to view...
In the figure above
A) moving from point a to point b would require new technology. B) production at point b is efficient whereas production at point a is not efficient. C) some resources must be unemployed at point c. D) opportunity costs are decreasing.
The persistent problem of inflation, beginning in the late 1960s, had its causes in all of the following except
(a) The full-scale entrance of the United States into the Vietnam War in 1965 (b) "Oil shocks" in the 1970s (c) Rising production costs in almost every sector in the economy due to rising energy costs (d) Rising corporate taxes which raised the cost of doing business
Which of the following is not counted as income when the official poverty rate is calculated?
a. Medicaid benefits b. dividends derived from the ownership of stock c. earnings derived from a part-time job d. money income derived from transfer payments
The rapid speed with which the stimulus bill passed through both houses of Congress and was signed by the President could be used as an argument for
A. activist fiscal policy. B. activist monetary policy. C. expansionary fiscal policy. D. contractionary monetary policy.