A main debate between the Classical economists and Keynesian economists was related to: (2)
What will be an ideal response?
1) if the economy was self-adjusting
2) government intervention
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"A Nash equilibrium occurs when both parties to a game end up worse off as a result of the decisions that are made." Is the previous definition of a Nash equilibrium correct or incorrect?
What will be an ideal response?
The law of diminishing marginal utility states that
A) the extra satisfaction from consuming a good decreases as more of a good is consumed, other things constant. B) when the extra satisfaction from consuming a good becomes negative, total utility starts falling, other things constant. C) eventually total utility falls as more of a good is consumed, other things constant. D) the extra satisfaction from consuming a good increases slowly as more of a good is consumed, other things constant.