The principle of diminishing marginal utility means that as you eat fewer slices of pizza, your total utility from pizza will ________ and your marginal utility from each additional slice of pizza will ________
A) increase; decrease
B) decrease; increase
C) increase; increase
D) decrease; decrease
B
You might also like to view...
Which of the following are separate flows in the circular flow model?
A) the flow of income received by households and the flow of tax revenues paid by households B) the flow of income earned from the sale of resources and the flow of expenditures on goods and services. C) the flow of goods and the flow of services D) the flow of costs and the flow of revenue
Everything else held constant, an increase in autonomous planned investment spending will cause the IS curve to shift to the ________ and aggregate demand will ________
A) right; increase B) right; decrease C) left; increase D) left; decrease
__________________ states that price and quantity demanded are inversely related.
A. The law of supply B. Market equilibrium C. The law of demand
An estimate of a household's long-run average income is called permanent income.
Answer the following statement true (T) or false (F)