1. The principle that states that the more you have of something, the less satisfaction you will get from an

additional unit is the
a. law of demand. c. law of equilibrium.
b. law of diminishing marginal utility. d. price elasticity.
2. Demand for one particular brand of coffee is probably
A.elastic
B.marginal utility
C.inelastic
D.substituties
I think 1.C , 2.D

I disagree with both of your answers. Please check your text again.

1. B

2. C

I think your answers are correct now.

To determine the correct answers, let's break down each question and the options given:

1. The principle that states that the more you have of something, the less satisfaction you will get from an additional unit is:

a. law of demand - The law of demand states that as the price of a good or service increases, the quantity demanded decreases, assuming all other factors remain constant. It is not directly related to the satisfaction derived from consuming more of a good.

b. law of diminishing marginal utility - The law of diminishing marginal utility states that as a person consumes more and more of a good, the additional satisfaction or utility they derive from each additional unit will decrease. This aligns with the principle mentioned in the question.

c. law of equilibrium - The law of equilibrium refers to a state where supply and demand are balanced in the market.

d. price elasticity - Price elasticity measures the responsiveness of the quantity demanded or supplied to changes in price.

Based on the principle described, the correct answer is b. law of diminishing marginal utility.

2. Demand for one particular brand of coffee is probably:

A. elastic - Elastic demand means that a small change in price leads to a relatively larger change in quantity demanded.

B. marginal utility - Marginal utility is the additional satisfaction or utility gained from consuming one more unit of a good.

C. inelastic - Inelastic demand means that a change in price has a relatively small effect on the quantity demanded.

D. substitutes - Substitutes are goods that can be used in place of one another.

To determine if the demand for a particular brand of coffee is likely to be elastic or inelastic, we would need information about consumer behavior and the availability of substitutes. Hence, we cannot definitively determine the correct answer without more context.