According to the law of diminishing marginal utility, the fifth pair of gloves that Mary receives for Christmas makes her
a. as happy as she was while receiving the first pair
b. less happy than she was while receiving the first pair
c. more happy than she was while receiving the first pair
d. consider that fifth pair as having zero marginal utility
e. total utility decrease
B
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A modified version of utilitarianism proposed by John Rawls states that
A) the distribution of the economic pie is fair if the rules are fair. B) the distribution of the economic pie is fair if it achieves the greatest happiness for the greatest number of people. C) the fair distribution of the economic pie is the one that makes the poorest person as well off as possible. D) goods may be transferred from one person to another only by voluntary exchange.
When long-run average costs decrease as output increases, there are
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) constant marginal costs.