According to the law of diminishing marginal utility:
A) as the consumption of a given product rises, the added benefit eventually diminishes.
B) as the production cost for a given product rises, the added benefit eventually diminishes.
C) the demand curve for some products is upward-sloping.
D) as the price of a given product rises, the added benefit eventually diminishes.
Correct Answer:
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Q9: All combinations of goods and services that
Q10: A utility function is:
A) additive, by definition.
B)
Q11: A direct relation exists between the price
Q12: If the quantity of X is measured
Q13: An indifference curve is a set of
Q15: A product that enjoys rapidly growing demand
Q16: Arc elasticity is measured:
A) over a given
Q17: The marginal rate of substitution is always
Q18: If two services provide the same amount
Q19: The demand for a product tends to
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