The law of diminishing marginal utility says that
A) the marginal utility gained by consuming equal successive units of a good will decline as the amount consumed increases.
B) the more of a particular good one consumes, the greater is the utility received from the consumption of that good.
C) the marginal utility gained by consuming equal successive units of a good will increase as the amount consumed increases.
D) the more of a particular product one sells, the less utility one receives from selling.
Correct Answer:
Verified
Q21: A util is an artificial construct used
Q22: Marginal utility is defined as the
A)change in
Q24: Total utility is defined as the
A)change in
Q28: The diamond-water paradox is the observation that
A)those
Q29: When an economist talks about utility, she
Q30: Suppose you are eating buffalo wings at
Q32: Which of the following is true?
A)It is
Q33: Suppose Alice receives 150 utils from consuming
Q34: Suppose you are eating buffalo wings at
Q35: Suppose you are eating buffalo wings at
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