Which of the following statements is true?
a. Total utility is the extra satisfaction from the consumption of a good or service.
b. Marginal utility is the amount of satisfaction received from all the units of a good or service consumed.
c. The law of diminishing marginal utility states that as more of a good or service is consumed total utility decreases.
d. Consumer equilibrium is a combination of goods and services consumed which maximizes total utility from a given budget.
d
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Indicate whether the statement is true or false
An increase in a country's saving rate will tend to cause which of the following in the long run?
A) a reduction in per capita real GDP B) an increase in economic growth C) an increase in the unemployment rate D) an increase in the rate of inflation