What does "diminishing marginal utility" mean?
What will be an ideal response?
As the consumption of a good or service increases, the marginal utility decreases. For example, the first cup of coffee you drink in the morning will give you great satisfaction. As you keep on drinking more and more cups of coffee, the satisfaction from additional cups will diminish.
Economics
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Eliza Doolittle hasn't worked in years, and doesn't intend to. What can we clearly conclude about Eliza?
A) She's lazy. B) She's a parasite on society. C) She's not employed. D) She's unemployed. E) All of above are true.
Economics
The principal-agent problem would not occur if ________ of a firm had complete information about actions of the ________
A) owners; customers B) owners; managers C) managers; customers D) managers; owners
Economics