The law of diminishing marginal utility states that:
A) the marginal utility of the last unit consumed of any good is less than the marginal utility of all other products consumed.
B) as more of a good or service is consumed,ceteris paribus,its marginal utility relative to the marginal utility of other products increases.
C) as more of a good or service is consumed,its marginal utility decreases.
D) as more of a good or service is consumed,its marginal utility relative to other products remains the same.
E) the marginal utility of all products consumed must be equal.
Correct Answer:
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Q2: Scenario 5.1
The demand for noodles is given
Q3: Scenario 5.1
The demand for noodles is given
Q4: Suppose two out for coffee and donuts
Q6: Total utility is determined by:
A)multiplying the quantity
Q7: If the marginal utility of a product
Q8: The prices that people are willing to
Q11: Scenario 5.1
The demand for noodles is given
Q11: When marginal utility is negative,total utility is
Q12: The table given below depicts the total
Q13: _ is the change in total utility
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