The law of diminishing marginal utility states that total utility must diminish after the first unit of consumption of every good or service
Indicate whether the statement is true or false
F
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A boom is:
A. a period in which the economy is growing at a rate significantly below normal. B. the high point of economic activity prior to a downturn. C. a particularly strong and protracted expansion. D. a particularly severe and protracted recession.
In the labor market, an increase in labor productivity ________ the real wage rate and ________ the level of employment
A) raises; increases B) raises; decreases C) lowers; increases D) lowers; decreases
If Bank A holds $200 in reserves, deposits are $1000, and the desired reserve ratio is 15 percent, how much are excess reserves?
A) zero, because banks never hold excess reserves B) $200 C) $50 D) $150
A leftward shift in the supply curve of product X will increase equilibrium price to a greater extent the:
A. more elastic the supply curve. B. larger the elasticity of demand coefficient. C. more elastic the demand for the product. D. more inelastic the demand for the product.