The law of diminishing marginal utility states that marginal utility must diminish after the first ...

The law of diminishing marginal utility states that marginal utility must diminish after the first unit of consumption of every good or service.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 2

A monopolist is a price searcher because it has the ability to select the price along its demand curve of its product.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 3

Typically, total utility derived decreases as more of a good is consumed.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 4

A perfectly competitive firm is a price taker, but a monopoly is a price maker.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 5

Typically, marginal utility is higher when a person consumes less of a good.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 6

A monopoly market is characterized by a single seller of a product which has few, if any, suitable substitutes.
 a. True
  b. False
  Indicate whether the statement is true or false