This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What does diminishing marginal utility imply about the shape of a person's demand curve? Explain. ... (Read 69 times)

TVarnum

  • Hero Member
  • *****
  • Posts: 548
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mjbamaung

  • Sr. Member
  • ****
  • Posts: 343
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

  • Member
  • Posts: 548
Reply 2 on: Jun 29, 2018
:D TYSM

mjenn52

  • Member
  • Posts: 351
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

There are more bacteria in your mouth than there are people in the world.

Changes in cell shape due to alterations in intracellular fluid volume. Changes in cell shape due to alterations in intracellular fluid volume.
The effect of a double bond on the shape of fatty acids The effect of a double bond on the shape of fatty acids
Relative Energy Consumption per Person for Selected Countries Relative Energy Consumption per Person for Selected Countries
The “Flat Head” (Chinook) Indians acquired their name through shaping in infancy, as shown in a diag The “Flat Head” (Chinook) Indians acquired their name through shaping in infancy, as shown in a diag
The introduction of a new generation of electric and hybrid cars will reduce the demand for oil The introduction of a new generation of electric and hybrid cars will reduce the demand for oil
Video: Krebs cycle : Formation of acetyl coenzyme A and Electron transport chain

For a complete list of videos, visit our video library