The large net revenue that a firm earns from an activity

"The marginal utility received from each additional unit of a good consumed declines, other things constant." This is a statement of the law of

a. increasing marginal returns b. marginal rate of substitution c. supply d. diminishing marginal utility e. demand

Private property rights are important because:

a. they create incentives for people to improve their standard of living. b. the Constitution says so. c. they allow students to choose their major field of study in college. d. an economy cannot function without them. e. goods cannot be produced without them.