The law of diminishing marginal utility suggests that
A) People are willing to buy additional quantities of a good only if its price falls.
B) People will substitute lower-priced goods for more expensive goods,ceteris paribus.
C) Price and quantity demanded are directly related.
D) As marginal utility decreases,the willingness to pay increases.
Correct Answer:
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Q10: The law of diminishing marginal utility states
Q11: Total utility is
A)The additional utility from consuming
Q12: Graphically,as a consumer buys more of a
Q13: Sociopsychiatric explanations of consumer behavior include the
A)Desire
Q14: If a product has a high marginal
Q16: Jose goes to an all-you-can-eat buffet at
Q17: Josh is eating pizza at his
Q18: Economic explanations of consumer behavior take into
Q19: Utility refers to the
A)Satisfaction obtained from a
Q20: As more satisfaction is achieved from consuming
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