Multiple Choice
The principle of diminishing marginal utility says that as you consume more of an item, beyond some point the:
A) additional units of consumption will yield more units of utility than the previous units.
B) total satisfaction will decrease.
C) additional units of consumption will yield fewer additional units of utility than the previous unit.
D) price of additional units of consumption will be less than the price of the previous unit.
Correct Answer:

Verified
Correct Answer:
Verified
Q52: Refer to the following table. If
Q53: A rational consumer maximizes his or her:<br>A)
Q54: Refer to the graphs shown, which show
Q55: Suppose that a haircut will give Dawn
Q56: The absolute value of the slope of
Q58: Joe is maximizing utility by consuming three
Q59: If the price of one can of
Q60: Behavioral economics:<br>A) tests the underlying economic assumptions
Q61: Economists focus on self-interest in explaining choices
Q62: The underlying psychological foundation of individual choice