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.
d
Economics
You might also like to view...
An example of moral hazard is
a. people drive as carefully in icy conditions with antilock brakes as without b. people drive as safely with more airbags as without c. football players with safer helmets 'spear' with their heads more often when tackling d. people read the medicine warnings as carefully when self-medicating as with a doctor's prescription
Economics
If the writer of an option, holds shares of the stock or an actual quantity of the commodity when she writes the call option on it, her position is said to be:
a. protected. b. exposed. c. covered. d. naked.
Economics