Diminishing marginal utility suggests that
a. more is always preferred to less.
b. the well-being of society is maximized when the distribution of income is equal.
c. the poor are less efficient at spending money than the rich.
d. the poor receive more satisfaction from the last dollar spent than the rich.
d
Economics
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The marginal propensity to consume is
a. disposable income divided by consumption. b. the change in consumption divided by the change in disposable income. c. consumption divided by disposable income. d. the change in disposable income divided by the change in consumption.
Economics
Refer to the above table. What does total product equal when 4 units of labor are used?
A) 1328 B) 332 C) 320 D) 960.
Economics