Multiple Choice
If the marginal utility of the third cup of coffee is 23 and the marginal utility of the fourth cup is 15,then
A) it is optimal for the consumer to have three cups of coffee.
B) the price of a cup of coffee must be relatively low.
C) it is optimal for the consumer to have four cups of coffee.
D) the law of diminishing marginal utility is evident.
E) the price of a cup of coffee must be relatively high.
Correct Answer:
Verified
Correct Answer:
Verified
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