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According to the law of diminishing marginal utility, the marginal utility for a particular product

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According to the law of diminishing marginal utility, the marginal utility for a particular product

Question 1.

Refer to the above table. In examining the utility schedules for Michael and Rosie, we can conclude that

• they like movies the same.

• Michelle likes movies more than Robert does.

• they both received the same satisfaction from watching the fourth movie.

• they like the third movie the same.

Question 2.

According to the law of diminishing marginal utility, the marginal utility for a particular product

• remains constant as long as the product is still considered useful.

• remains constant, regardless of how much of the product is consumed.

• decreases as more of the product is consumed.

• increases as more of the product is consumed.

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

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NicoleLove

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More solutions for this book are available here

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