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 60 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
Excellent

nanny

  • Member
  • Posts: 313
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

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?

The B-complex vitamins and vitamin C are not stored in the body and must be replaced each day.

Did you know?

The shortest mature adult human of whom there is independent evidence was Gul Mohammed in India. In 1990, he was measured in New Delhi and stood 22.5 inches tall.

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Two mechanisms that affect cell shape and movement. Two mechanisms that affect cell shape and movement.
Superior view of heart valves illustrating position, size, and shape of each valve. Superior view of heart valves illustrating position, size, and shape of each valve.
Frequency distribution curve: interpatient variability in drug response Frequency distribution curve: interpatient variability in drug response
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.
At what speed does Grogzetti need to take the curve to avoid sliding? At what speed does Grogzetti need to take the curve to avoid sliding?
Type II curve. Mortality does not vary with age. Data for five-lined skink (Eumeces fasciatus). Type II curve. Mortality does not vary with age. Data for five-lined skink (Eumeces fasciatus).
Video: Wound Care

For a complete list of videos, visit our video library