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Microeconomics
Question:
Question 1 The law of diminishing marginal utility states that a the extra satisfaction from consuming a good decreases as more of a good is consumed, other things constant. b when the extra satisfaction from consuming a good becomes negative, total utility starts falling, other things constant. c eventually total utility falls as more of a good is consumed, other things constant. d the extra satisfaction from consuming a good increases slowly as more of a good is consumed, other things constant. Question 2 Which of the following is used to explain why a consumer’s willingness to buy Microsoft Office increases as the number of other people who use Microsoft Office increases? a the income effect of a price change b diminishing marginal utility c network externalities d market failure QUESTION 3 Which of the following is not a common mistake made by consumers? A being overly optimistic about their future behavior B the failure to take into account the implicit costs of an activity C the failure to ignore sunk costs D being overly pessimistic about their future behavior
The post Microeconomics Question: Question 1 The law of diminishing marginal utility states that a the extra satisfaction appeared first on EssayCola.
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