Diminishing marginal utility explains why:
A. the income effect exceeds the substitution effect.
B. the substitution effect exceeds the income effect.
C. supply curves are upsloping.
D. demand curves are downsloping.
Answer: D
Economics
You might also like to view...
The Solow model is used to explain ________
A) why some economies experience higher rates of growth than others B) the relationship between price and quantity demanded C) the relationship between the rate of inflation and the rate of unemployment D) the notion of opportunity cost
Economics
Which of the following is FALSE about services trade for India and China?
A) China exports more services than India does. B) India has a trade surplus in services. C) China has a trade surplus in services. D) India trades primarily information services and other business services.
Economics