The Law of Diminishing Marginal Utility implies that:
A) consumers like to eat the same thing every day
B) the last unit consumed is the most favored
C) the first unit consumed is the best
D) the rate of change in TU increases as more units of a good are consumed
Correct Answer:
Verified
Q12: When an economist says that an apple
Q13: An economist should never:
A) make value judgements
Q14: If the price of gasoline increases significantly
Q15: An increase in the per capita income
Q16: To an economist, rational behavior means:
A) that
Q18: If TU is increasing, then MU is:
A)
Q19: A person who has eaten so much
Q20: The marginal rate of substitution is the
Q21: Convexity of the indifference curve is due
Q22: Convex indifference curves suggest that:
A) consumers prefer
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