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Author Question: The demand for health care is perfectly elastic. a. True b. False Indicate whether the statement ... (Read 51 times)

codyclark

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on: Jun 30, 2018
The demand for health care is perfectly elastic.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

Diminishing marginal utility means that:
 a. marginal utility is maximized when consumers get the same amount of total utility from every good they consume.
  b. beyond some point, added units of a product provide lower and lower amounts of marginal utility.
 c. a consumer would get more utility from the last unit of a good consumed when that good costs 3 than when it costs 1.
  d. both (b) and (c) are true.


Sammyo

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Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

d


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