1. Examples of the principle of diminishing marginal utility include all of the following EXCEPT: A. A joke becomes less funny as it's forwarded too often B. Additional helpings of the same dish at a buffet don't taste as good as the first helping C. Saving more money feels better than saving less D. Reruns of a TV show are less interesting than a first run episode of the same show

1. Examples of the principle of diminishing marginal utility include all of the following EXCEPT: A. A joke becomes less funny as it's forwarded too often B. Additional helpings of the same dish at a buffet don't taste as good as the first helping C. Saving more money feels better than saving less D. Reruns of a TV show are less interesting than a first run episode of the same show

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

2. If peanut butter brings you 30 utils of pleasure for the last dollar's worth, and the last dollar you spend on jelly brings you 15 utils of pleasure, what do you do? How does this relate to the law of diminishing marginal utility?
According to the law of diminishing marginal utility, marginal utility of a good declines as more of it is consumed in a given time period. According to this law, which of the following statement is true? a. The more I go to school, the more I want to do something else b. Since we need gasoline more than we need paper, gasoline is more valuable c. Peas give me no satisfaction, so I won't buy any d. The more coffee I drink, the more I want to drink
A consumer who has spent all of her income on clothes and food and finds that her marginal-utility for clothes is 16 and marginal-utility for food is 20. If the price of clothes and food are both $4 . What should the consumer do for purchases to maximize total utility A. purchasing more clothes and less food B. purchasing more of both commodities C. purchasing less of both commodities D. purchasing more food and less clothes
If a consumer's marginal utility was 10 utils per unit of meat and 5 utils per unit of potatoes: a. the consumer should purchase less potatoes and more meat to maximize his satisfaction. b. the consumer would be in equilibrium if the per-unit price of meat was twice the price of potatoes. c. the consumer would be in equilibrium if the price per unit of meat was half the price of potatoes. d. the consumer's total utility could be increased by consuming more potatoes and less meat until the marginal utilities of the two goods were equal.
How does the law of diminishing marginal utility relate to changing income? Select one: a. The marginal benefit of an extra dollar of income rises as income rises. b. The marginal benefit of an extra dollar of income falls as income rises. c. The total utility gained from a small income is higher than the total utility gained from a high income. d. The total utility gained from a high income is higher than the total utility gained from a low income.