Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 6, Problem 22SQ
To determine

The cause of the downward sloping demand curve.

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Along an individual demand curve for food, which one of the following is not held constant? a.The consumer's income b.The consumer's level of utility c.The price of all other goods d.The consumer's utility function
Which statement BEST describes the principle of diminishing marginal utility? As an individual consumes more of a good: Select one: a. the marginal utility will eventually become negative. b. the total utility obtained will eventually become negative. c. the addition to total utility obtained from the nth unit of the good will be less than that obtained from the immediately preceding unit of the good. d. the total utility obtained will eventually fall.
According to the law of diminishing marginal utility, what happens as a consumer consumes more units of a good? A. Total utility increases at a decreasing rate.B. Marginal utility increases at a decreasing rate.C. Total utility decreases at an increasing rate.D. Marginal utility decreases at an increasing rate.
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