What is the law of diminishing marginal utility?
What will be an ideal response?
The law of diminishing marginal utility states that the more of any one good consumed in a given period the less satisfaction generated by consuming each additional unit of the good.
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Over the last 25 years, according to the United States balance of payments
A) the current account and the capital and financial account balances tend to move in the same direction. B) the current account and the capital and financial account balances tend to move in opposite directions. C) there is no clear relationship between the current account balance and the capital and financial account balance. D) the official settlements balance fluctuates greatly from year to year.
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for rice. What happens in this market if buyers expect the price of rice to fall?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)