The law of diminishing marginal utility implies that as a person's
A) income increases, the happiness associated with each dollar earned decreases.
B) income increases, the happiness associated with each additional dollar increases.
C) consumption of a specific commodity increases, the addition to total happiness decreases.
D) consumption of a specific commodity increases, the total happiness increases.
Correct Answer:
Verified
Q100: (Table) In the table, both root
Q101: (Table) In the table, both root
Q102: The satisfaction received from consuming an additional
Q103: The idea that each additional unit offers
Q104: According to the law of diminishing marginal
Q106: Suppose Maricella collects Red Sox baseball cards.
Q107: John eats fifteen hot dogs. When he
Q108: (Figure: Determining Economic Laws) The graph illustrates
Q109: When a consumer chooses among a set
Q110: A utility-maximizing consumer will always choose to
A)
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