(Law of Diminishing Marginal Utility) Complete each of the following sentences: a. your tastes determine the______________you derive from consuming a particular good. b. _________________utility is the change in ____________________ utility resulting from a(n) ______________ change in the consumption of a good. c. As long as marginal utility is positive, total utility is ______________ d. The law of diminishing marginal utility states that as an individual consumes more of a good during a given time period, other things constant, total utility ______________________
(Law of Diminishing Marginal Utility) Complete each of the following sentences: a. your tastes determine the______________you derive from consuming a particular good. b. _________________utility is the change in ____________________ utility resulting from a(n) ______________ change in the consumption of a good. c. As long as marginal utility is positive, total utility is ______________ d. The law of diminishing marginal utility states that as an individual consumes more of a good during a given time period, other things constant, total utility ______________________
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 1.2P
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(Law of Diminishing
a. your tastes determine the______________you derive from consuming a particular good.
b. _________________utility is the change in ____________________ utility resulting from a(n) ______________ change in the consumption of a good.
c. As long as marginal utility is positive, total utility is ______________
d. The law of diminishing marginal utility states that as an individual consumes more of a good during a given time period, other things constant, total utility ______________________
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