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Author Question: Which of the following violates the law of diminishing marginal utility? a. Phil's marginal utility ... (Read 59 times)

naturalchemist

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on: Jun 30, 2018
Which of the following violates the law of diminishing marginal utility?
 a. Phil's marginal utility from drinking another beer remains positive as he drinks more at a party.
 b. Phil's marginal utility from drinking becomes negative after 6 beers at a party.
 c. Phil's total utility from drinking 5 beers at a party is greater than his total utility of drinking 3 beers at a party.
  d. The more beer Phil drinks, the more he enjoys the next one.

Question 2

The more inelastic the supply of a particular resource:
 a. the higher are its transfer earnings.
  b. the higher is its economic rent.
  c. the higher are its total earnings.
  d. the higher is the elasticity of demand for the resource.
  e. the lower is the elasticity of demand for the resource.


patma1981

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

b


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