What is the relationship between marginal utility and an individual demand curve?
What will be an ideal response?
The marginal utility reveals how much of an item a consumer will purchase at various prices and is implicitly an individual demand curve. Because marginal utility falls as consumption increases, a lower price is necessary to generate increased unit purchases of an item
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The bowed shape of the per-worker production function is caused by
A) wealth effects that reduce labor supply. B) diminishing marginal productivity of capital. C) increasing marginal productivity of labor. D) increasing marginal productivity of capital.
The term economy refers to the structure of economic life, or economic activity, in a community, a region, a country, a group of countries, or the world
Indicate whether the statement is true or false
The consumption function is associated with
A. John Maynard Keynes. B. Karl Marx. C. Milton Friedman. D. Adam Smith.
The founder of the American Federation of Labor was
a. George Meany b. Samuel Gompers c. Magna Carta d. Benjamin Franklin e. Abraham Lincoln