If the first four units of a good consumed have marginal utilities of 10, 9, 8, and 7, respectively, this trend is an indication of the:
a. law of diminishing marginal utility
b. minimization of utility
c. law of consumer equilibrium
d. law of diminishing consumer surplus
a. law of diminishing marginal utility
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An appreciation of the U.S. dollar occurs when
A) the international price of the dollar falls. B) the international price of the dollar rises. C) the supply of dollars in international markets increases. D) the U.S. demand for foreign currencies increases.
Commodity money is money that:
a. has no value as a commodity. b. is not backed by gold or silver and is not a legal tender. c. may go out of circulation with an increase in its intrinsic value. d. always has a face value greater than the intrinsic value. e. is solely used in barter exchanges.
The government just approved a bill allocating twenty million dollars to hire teachers specifically to work with students in low-income neighborhoods. This action answered which basic economic question?
a. Who will get the goods and services? b. How will the goods and services be produced? c. What is the best method of production? d. What goods and services will be produced?
Why does the LL schedule have a negative slope?
A) The economic stability loss from pegging to the area's currencies rises as the degree of economic interdependence rises. B) The economic stability loss from pegging to the area's currencies falls as the degree of economic interdependence rises. C) The economic stability loss from pegging to the area's currencies falls as the degree of economic interdependence falls. D) The economic stability loss from pegging to the area's currencies rises as the degree of economic activity increases. E) The economic stability loss from pegging to the area's currencies is constant, even as the degree of economic activity increases.