The concept of diminishing marginal utility:
A. explains why individuals rarely maximize their total utility.
B. is the change in total utility that comes from consuming one additional unit of a good or service.
C. is the principle that the additional utility gained from consuming successive units of a good or service tends to be smaller than the utility gained from the previous unit.
D. is the principle that the additional utility gained from consuming different bundles of goods and services tend to be smaller than the utility gained from consuming just one bundle of goods and services.
C. is the principle that the additional utility gained from consuming successive units of a good or service tends to be smaller than the utility gained from the previous unit.
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Which of the following would cause an increase in the equilibrium wage?
A) The supply of labor increases and the demand for labor decreases. B) The supply of jobs increases less than the demand for jobs. C) The demand for labor increases faster than the supply of labor. D) The supply of labor increases more than the demand for labor.
Which of the following is an investment institution?
A) The New York Stock Exchange B) Greater Illinois Savings and Loan C) Prudential Insurance Company D) Fidelity Magellan Mutual Fund