(Solution) If The Marginal Utility Of A Product Is Diminishing Relative To The Marginal Utility Of Other Products, Then _____. The Price Of The Product Must... | Snapessays.com


(Solution) If the marginal utility of a product is diminishing relative to the marginal utility of other products, then _____. the price of the product must...


Please help with my accounting homework. Thanks. It is a multiple choices.1.If the marginal uTlity of a product is diminishing relaTve to the marginal uTlity of other products, then

 

_____.

 

a. the price of the product must have increased

 

b. the consumer has been purchasing relaTvely more of the product

 

c. the price of the product must have decreased

 

d. the consumer is in equilibrium

 

e. the consumer has been purchasing relaTvely less of the product

 

2. ±he equimarginal principle illustrates:

 

a. that people behave irraTonally.

 

b. that people behave in rather inconsistent ways.

 

c. that consumers are essenTally robots.

 

d. that people behave in rather consistent ways in order to maximize happiness.

 

e. that people will spend all their incomes.

 

3. ±he below Fgure shows the various combinaTons of the goods X and Y that yield di²erent levels of

 

uTlity.

 

Figure 7.3

 

Refer to ³igure 7.3. ±he consumer prefers _____ to _____.

 

a. B; A

 

b. I1; I2

 

c. D; E

 

d. A; C

 

e. B; D

 

4.According to neuroeconomists, our logical brain knows we should spend as much as possible when we

 

have money.

 

a. ±rue

 

b. ³alse

 


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This question was answered on: May 23, 2022

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