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 39 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
Wow, this really help

peter

  • Member
  • Posts: 330
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Shape of the spleen. Shape of the spleen.
Attention and memory are in demand during circle time. Attention and memory are in demand during circle time.
A Production Function with Diminishing Marginal Product of Capital A Production Function with Diminishing Marginal Product of Capital
Social scientists have not done well at devising theories to explain lovely romantic moments Social scientists have not done well at devising theories to explain lovely romantic moments
Explain how it can be desirable from an intertemporal perspective for a country run a current ... Explain how it can be desirable from an intertemporal perspective for a country run a current ...
Spacecraft optimum geometrical shape Spacecraft optimum geometrical shape
Video: Structures that affect circulation - arterioles and vasomotor responses and venous return

For a complete list of videos, visit our video library