The statement "As more of a good is consumed, the utility a person derives from each additional unit diminishes" is known as the
a. water and diamond paradox
b. law of diminishing marginal utility
c. law of total utility
d. marginal-utility-to-price ratio equalization rule
e. law of diminishing demand
B
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Grocery store gas stations often give gas discounts to their customers. What type of price discrimination is this?
A. First-degree price discrimination. B. Second-degree price discrimination. C. Third-degree price discrimination. D. It is not price discrimination.
What is productivity? How does a country's standard of living relate to productivity?
What will be an ideal response?
Brinley Thomas (1954) argues that immigrants were attracted to the United States between 1815 and 1914 for all of the following reasons except
(a) Harvest failures in the home countries of the immigrants (b) Organized labor opportunities, health benefits, safe working conditions and healthy work environments in the U.S. (c) European population increases, contributing to problems associated with more mouths to feed in a stagnant European economy (d) Increasing job opportunities in an expanding U.S. economy
Macroeconomists study
a. the decisions of individual households and firms. b. the interaction between households and firms. c. economy-wide phenomena. d. regulations imposed on firms and unions.