What is marginal utility and what is the law of diminishing marginal utility?
What will be an ideal response?
Marginal utility is the change in total satisfaction a person receives from consuming one additional unit of a good or service. The law of diminishing marginal utility is the principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a given period of time.
Economics
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Which of the following is a good that might not be bought when prices rise?
a) complement b) substitute c) inferior good d) luxury
Economics
Patents ________ permit investors to have a monopoly on their innovation and ________ permit them to earn economic profit.
A) do not; do not B) do; do not C) do; do D) do not; do
Economics