Brad ate four bags of chips at the baseball game. The first bag tasted best, but he found that as he ate more chips the amount of extra satisfaction he was receiving was beginning to fall. This would demonstrate
A) the law of total utility maximization.
B) the law of zero utility.
C) the law of diminishing marginal utility.
D) the law of diminishing costs.
Answer: C
Economics
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If the demand for a product is elastic, the quantity demanded changes by a larger percentage than the percentage change in price
Indicate whether the statement is true or false
Economics
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Economics