Which of the following common experiences provides support for the notion of diminishing marginal utility?
a. regret after switching
b. satisfaction after recreation
c. debt after spending
d. fullness after eating
d. fullness after eating
Economics
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Suppose that quantity demand rises by 10% as a result of a 15% decrease in price. The price elasticity of demand for this good is
a. inelastic and equal to 0.67. b. elastic and equal to 0.67. c. inelastic and equal to 1.50. d. elastic and equal to 1.50.
Economics
When taxes are decreased, disposable income increases even though GDP is unchanged.
Answer the following statement true (T) or false (F)
Economics