The marginal utility of a good (e.g., bananas) declines with increases in the consumption of that good. This phenomenon is referred to as the
A) Engel's Law. B) Law of Demand.
C) Law of Diminishing Marginal Utility. D) None of the above.
Answer: C
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Which of the following nations spends more per person on healthcare?
A) Switzerland B) United Kingdom C) Germany D) None of the above nations spend more on healthcare.
A firm's short-run supply curve is the same as _____ if it produces the good
A. its marginal revenue curve B. the upward-sloping part of its marginal cost curve C. its marginal cost curve above minimum average variable cost D. its marginal cost curve above minimum average total cost
The Full Employment and Balanced Growth Act of 1978 is also called the Humphrey-Hawkins Act and requires the President to appear before Congress twice a year to present his forecast for the economy
Indicate whether the statement is true or false
Fixed cost is sometimes called
a. total cost b. sunk cost c. variable cost d. marginal cost e. average total cost