The law of diminishing marginal utility applies to a
...The law of diminishing marginal utility applies to a
Firm which minimizes cost
Consumer who maximizes satisfaction
Producer who maximizes marginal product
Consumer who minimizes total utility
Correct answer is B
The law of diminishing marginal utility states that the marginal utility of a good or service declines as its consumption increases. This means that, as a consumer keeps consuming additional units of a commodity, the additional satisfaction derived will keep decreasing (goods become less valuable as you continue consuming more of it)
The meaning of 'Dumping' is selling goods in a foreign market ...
Open Market Operation (OMO) means the ...
A major disadvantage of a capitalist economy is that it ...
Price discrimination can only occur when there is ...
The basic and essential economic problems in a community are related to choice and________ ...
Which of the following is a type of business organization? ...
The average tax rate is defined as ...
In a textile factory, the cost of cotton used is a typical example of ...
Economists refer to private goods as ...
Which of the following is not true of small companies? They ...