The law of diminishing marginal utility allows us to conclude that
A) demand curves always slope downward and to the right.
B) consumer surplus can never be maximised.
C) supply curves always slope upward.
D) total utility will always increase by an increasing amount as consumption increases.
E) a consumer will always buy positive amounts of all goods.
Correct Answer:
Verified
Q1: Utility
A) can be used to compare different
Q2: Harry tells you that he prefers Irn-
Q3: Suppose you are eating hamburgers. The first
Q4: For Matthew, the marginal utility of the
Q5: If I gain 25 units of satisfaction
Q7: If marginal utility has become negative, we
Q8: Which of the following defines consumer surplus?
A)
Q9: You would be willing to pay a
Q10: Assume your demand for a can of
Q11: Consumer surplus will be zero at any
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