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.
Correct Answer:
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Q5: Economists accept consumer tastes as given and
Q6: Total utility is
A)The additional utility from consuming
Q7: When economists refer to the determinants of
Q8: The additional pleasure or satisfaction from a
Q9: As more satisfaction is achieved from consuming
Q11: If a product has a high marginal
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