Economic

posted by .

1.Diminishing marginal utility refers to the fact that
a. demand declines as income falls.
b. additional satisfaction declines as additional units of an item are consumed.
c. people have unlimited needs.
d. in equilibrium, supply equals demand.

2. Generally, the more substitutes there are for a good, the
a. more elastic the demand. c. more complements there are.
b. less valuable it is. d. less prices change.
1.A 2 A.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Economics

    True OR False 1)Marginal cost is the additional cost incurred in undertaking an activity?
  2. Economics

    Why do people routinely stuff themselves at all-you-can-eat buffets?
  3. economics

    in the simple economics of a competitive market price increases under which condition: a) demand is constant. supply declines b) demand decreases. supply increases c) demand and supply rise concomitantly d) demand and supply decline …
  4. Microeconomics (need to see if i got these right.

    31. If an increase in the price of a good leads to an increase in total revenue, then _____. (Points: 3) the supply curve must be price inelastic the demand curve must be price inelastic I CHOSE THIS ONE the supply curve is price elastic …
  5. Microeconomics [Urgent!]

    I have an exam tomorrow and I really need to know how you get the following answers. Please show me! I know it's a lot of questions, but I don't understand how you get the answer... ------------------ 40. At Nick's Bakery, the cost …
  6. Economics

    Could you please check these thanks. Directions match each item with the correct statement. Not all terms are USED. Here are the words to fill in the blanks. business planning demand curve complements elastic demand expensive goods …
  7. Indifference Curves

    For each example below, draw a set of three indifference curves that represent the given preferences. Be certain to show the direction of increasing utility. Also write down a utility function that would be consistent with the given …
  8. Economic

    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. …
  9. macroeconomics

    1. Consider the economic situation in the U.S since 2008 and discuss how supply side and demand side economic may be used to solve the current problems. Also, explain why you believe that these two approaches may or may not work. 2. …
  10. Macroeconomics

    1. Consider the economic situation in the U.S since 2008 and discuss how supply side and demand side economic may be used to solve the current problems. Also, explain why you believe that these two approaches may or may not work. 2. …

More Similar Questions