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Author Question: Comment on the following statement: Diminishing marginal utility means that total utility falls when ... (Read 160 times)

viki

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on: Jun 29, 2018
Comment on the following statement: Diminishing marginal utility means that total utility falls when an additional unit of a good is consumed.
 
  What will be an ideal response?

Question 2

A monopoly is a firm that produces a good or service for which no close substitute exists.
 
  Indicate whether the statement is true or false


jessicaduplan

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Reply #1 on: Jun 29, 2018
Answer to Question 1

That statement is not true. Diminishing marginal utility means that marginal utility falls when an additional unit of a good is consumed.

Answer to Question 2

TRUE


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