According to the principle of diminishing marginal utility, as an individual consumes more and more of a good or service, the total utility increases while the marginal utility decreases

In the last four decades, the share of income going to U.S. households in the top fifth of the population:

a. has declined. b. has increased. c. has remained the same. d. has decreased by 50 percent.

For voluntary action to correct an externality

A. transaction costs are irrelevant. B. transaction costs have to be low. C. transaction costs have to be high. D. transaction costs have to be split evenly between all of the parties involved.