Refer to the table below. At what consumption level for this product does diminishing marginal utility set in?





A. 4 units

B. 5 units

C. 8 units

D. 7 units

D. 7 units

Economics

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Refer to the scenario above. Jacob should submit a bid of ________

A) $500 B) $400 C) $300 D) $225

Economics

An individual rents an apartment for $200 per month. His monthly opportunity cost of commuting to work from this apartment is $50. After a year, he moves to an apartment closer to his place of work, but pays $250 as rent

Compared to the initial situation, after a year: A) his direct cost of renting the apartment increases, while the indirect cost of renting the apartment remains unchanged. B) his direct cost of renting the apartment increases, while the indirect cost of renting the apartment decreases. C) his direct cost of renting the apartment remains the same, while the indirect cost of renting the apartment decreases. D) his direct cost of renting the apartment remains the same, while the indirect cost of renting the apartment increases.

Economics