The law of diminishing marginal utility exists for the first four units of a good if they have marginal utilities of:
a. 1, 2, 4, 8.
b. 8, 4, 1, 2.
c. 4, 8, 2, 1.
d. 8, 4, 2, 1.
d
Economics
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Marginal cost refers to the increase in cost attributable to hiring one more unit of labor, capital, or some other input
Indicate whether the statement is true or false
Economics
If one is interested in comparing the economic well-being of citizens across countries which of the following measures would be the most useful: nominal GDP, real GDP, or real GDP per capita? Explain
What will be an ideal response?
Economics