In Figure 5.1, the marginal utility of income is
A) increasing as income increases.
B) constant for all levels of income.
C) diminishes as income increases.
D) None of the above is necessarily correct.
A
Economics
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In the above figure, at what price does a perfectly competitive firm make zero economic profit?
A) $4 per unit B) $8 per unit C) $12 per unit D) $16 per unit
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A reduction in the rate of inflation is referred to as
A) disinflation. B) deflation. C) recession. D) unemployment.
Economics