Which economic principle states that when more of a good is consumed, the incremental satisfaction delivered by that good decreases?
a. the law of consumer choice
b. the law of consumer equilibrium
c. the law of demand
d. the law of diminishing marginal utility
d. the law of diminishing marginal utility
Economics
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What are the effects of an increase in the population on potential GDP, the quantity of labor, the real wage rate, and potential GDP per hour of labor?
What will be an ideal response?
Economics
Market failure associated with the free-rider problem is a result of
a. a problem associated with pollution. b. benefits that accrue to those who don't pay. c. losses that accrue to providers of the product. d. market power.
Economics