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The idea that consuming more and more units of a good eventually leads to a reduction...

The idea that consuming more and more units of a good eventually leads to a reduction in the additional utility received from consuming more of the good is known as:

the law of demand

the law of supply

the law of diminishing marginal utility

A change in the price of a good will cause a change in demand for that good.

True

False

Which of the following will cause a change in the quantity demanded of a good?

a change in income.

a change in the price of a related good.

a change in the price of that good.

Managerial Economics: Applications, Strategies and Tactics, 14th Edition –

JAMES R. McGUIGAN, R. CHARLES MOYER, FREDERICK H. deB. HARRIS

ISBN: 9781305856400

business   economics   
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Answer #1

1. third option is correct ie. the law of diminishing marginal utility

2. statement is False

3. third option is correct . ie. a change in the price of that good

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