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Author Question: What does diminishing marginal utility imply about the shape of a person's demand curve? Explain. ... (Read 66 times)

TVarnum

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on: Jun 29, 2018
What does diminishing marginal utility imply about the shape of a person's demand curve? Explain.
 
  What will be an ideal response?

Question 2

A natural monopoly is likely to experience diseconomies of scale.
 
  Indicate whether the statement is true or false


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mjbamaung

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Demand curves will be downward sloping because of the law of diminishing marginal utility. Individuals will compare the value of the marginal utility they receive from a good with its price: if the value of the good is higher or equal to the price, the individual will purchase it. Thus, a person will buy more of a good at a low price than at a high price.

Answer to Question 2

FALSE


TVarnum

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Reply 2 on: Jun 29, 2018
Wow, this really help

bdobbins

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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