Blair has vast riches and consumesthousands of dollars' worth ofconsumer goods each week, yet sheis never satisfied. Why not?People's wants are unlimited.Blair fails to choose rationally.Utility is unrelated to the level ofconsumption.The law of diminishing marginalutility shows that consuming toomany material goods lowers totalutility.

It is a common phenomenon that the people with vast rich is also not satisfied with the consumption…

Answered: Blair has vast riches and consumes…

Blair has vast riches and consumes thousands of dollars' worth of consumer goods each week, yet she is never satisfied. Why not?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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