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 29 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
Great answer, keep it coming :)

patma1981

  • Member
  • Posts: 292
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

The strongest synthetic topical retinoid drug available, tazarotene, is used to treat sun-damaged skin, acne, and psoriasis.

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

Four Arch Curve Four Arch Curve
Gram Stain of a person's Gum line Gram Stain of a person's Gum line
The titration curve of phosphoric acid (H3PO4), a common buffer in biological sy The titration curve of phosphoric acid (H3PO4), a common buffer in biological sy
Frequency distribution curve: interpatient variability in drug response Frequency distribution curve: interpatient variability in drug response
A container in the shape of a right circular cylinder with no top has surface area square feet. A container in the shape of a right circular cylinder with no top has surface area square feet.
Spacecraft optimum geometrical shape Spacecraft optimum geometrical shape
Video: Oxygen transport: association and dissociation & Factors that affect hemoglobin's saturation with O2

For a complete list of videos, visit our video library