The law of diminishing marginal utility states that:
a. the marginal utility of the last unit consumed of any good is less than the marginal utility of all other products consumed.
b. as more of a good or service is consumed, the marginal utility derived from it, relative to other products, increases.
c. as more of a good or service is consumed, the marginal utility derived from it decreases.
d. as more of a good or service is consumed, the marginal utility derived from it, relative to other products, remains the same.
e. the marginal utility of all products consumed must be equal.
c
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Use the following graph to answer the next question.
In the figure, AD2 and AS2 represent the original aggregate supply and demand curves. If Q3 is full-employment output, then AD1 and AS2 represent a(n) ________.
A. full-employment B. expansion C. price stability D. recession
Research into new technologies conveys neither negative externalities nor positive externalities
a. True b. False Indicate whether the statement is true or false
According to the economic theory of labor markets, if unions are successful in raising wages, with no accompanying increase in labor productivity, then which of the following is true?
A. The quantity of labor demanded by profit-maximizing firms will decline. B. The quantity of labor demanded by profit-maximizing firms will increase. C. The quantity of labor supplied by workers will decline. D. There will be a shortage of labor in the unionized labor market.
Today the United States spends as much on defense as _____ of the nations combined.
Fill in the blank(s) with the appropriate word(s).