The consumption function shows the relationship between planned real consumption spending and

Explain the infant industry argument

What will be an ideal response?

Diminishing marginal utility means that: a. marginal utility is maximized when consumers get the same amount of total utility from every good they consume. b. beyond some point, added units of a product provide lower and lower amounts of marginal utility

c. a consumer would get more utility from the last unit of a good consumed when that good costs $3 than when it costs $1. d. both (b) and (c) are true.