The principle of diminishing marginal utility says that as you consume more of an item, beyond some point the:
A) additional units of consumption will yield more units of utility than the previous units.
B) total satisfaction will decrease.
C) additional units of consumption will yield fewer additional units of utility than the previous unit.
D) price of additional units of consumption will be less than the price of the previous unit.
Correct Answer:
Verified
Q39: Refer to the following figure.
Q40: Refer to the following graph.
Q41: The principle of diminishing marginal utility states
Q42: The principle of diminishing marginal utility states
Q43: You're maximizing utility when:
A) (MU of X)/
Q45: Given a fixed level of spending, you
Q46: The following table describes utility for
Q47: Faced with a hundred pounds of strawberries,
Q48: Diminishing marginal utility implies that as an
Q49: The following table describes utility for
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents