Author Question: The law of diminishing marginal utility suggests that a demand curve: a. shows a direct ... (Read 162 times)

Sportsfan2111 · **on:** Jun 30, 2018

The law of diminishing marginal utility suggests that a demand curve:
a. shows a direct relationship between price and quantity demanded.
b. has a slope equal to zero.
c. has a positive slope.
d. has a negative slope.

Question 2

The resource market is the same as the product market except that, in the resource market:
a. the demand curve slopes upward.
b. the households are the sellers and the firms are the buyers.
c. there is no substitution effect.
d. the supply curve is perfectly inelastic.
e. there is no income effect.