« previous next »

Author Question: What is marginal utility and what is the law of diminishing marginal utility? What will be an ... (Read 65 times)

penguins

  • Hero Member
  • *****
  • Posts: 903
on: Jun 29, 2018
What is marginal utility and what is the law of diminishing marginal utility?
 
  What will be an ideal response?

Question 2

Both monopolistically competitive firms and perfectly competitive firms maximize profits
 
  A) by producing where price equals average total cost.
  B) by producing where price equals average variable cost.
  C) by producing where marginal revenue equals marginal cost.
  D) by producing where marginal revenue equals average revenue.
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


sarajane1989

  • Sr. Member
  • ****
  • Posts: 296
Reply #1 on: Jun 29, 2018
Answer to Question 1

Marginal utility is the change in total satisfaction a person receives from consuming one additional unit of a good or service. The law of diminishing marginal utility is the principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a given period of time.

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

Women are 50% to 75% more likely than men to experience an adverse drug reaction.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Diminishing and disappearing populations. Diminishing and disappearing populations.
A graphical representation of the marginal value theorem. A graphical representation of the marginal value theorem.
A utility knife uses replaceable blades and can cut carpet and other materials. A utility knife uses replaceable blades and can cut carpet and other materials.
The diminishing effects on body weight of a low-calorie diet and a high-calorie diet. The diminishing effects on body weight of a low-calorie diet and a high-calorie diet.
Marginal Supply - Demand Curve Marginal Supply - Demand Curve
Marginal Products of Physical and Human Capital Marginal Products of Physical and Human Capital
Video: Nerve Impulse Transmission Animation

For a complete list of videos, visit our video library