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Which of the following statements best describes the law of diminishing marginal utility? A. As a consumer increases consumption of a good, the marginal utility received from that good increases. B. As a consumer decreases consumption of a good, the marginal utility received from that good decreases. C. As a consumer increases consumption of a good, the marginal utility received from that good decreases. D. As a consumer decreases consumption of a good, the marginal utility received from that good increases.
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Asked 3/19/2017 12:59:42 PM
Updated 3/19/2017 11:56:49 PM
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This answer has been confirmed as correct and helpful.
Edited by jeifunk [3/19/2017 11:56:47 PM], Confirmed by jeifunk [3/19/2017 11:56:49 PM]
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User: Which of the following statements best describes the law of diminishing marginal utility? A. As a consumer increases consumption of a good, the marginal utility received from that good increases. B. As a consumer decreases consumption of a good, the marginal utility received from that good decreases. C. As a consumer increases consumption of a good, the marginal utility received from that good decreases. D. As a consumer decreases consumption of a good, the marginal utility received from that good increases.

Weegy: As a consumer increases consumption of a good, the marginal utility received from that good decreases - best describes the law of diminishing marginal utility.
jhennv|Points 6991|

User: Is demand for tea elastic or inelastic? A. Demand for tea is elastic because there are substitutes for tea. B. Demand for tea is inelastic because tea is a necessary good. C. Demand for tea is elastic because the cost of tea doesn't take up a large part of one's income. D. Demand for tea is inelastic because there are no available substitutes for tea.

Weegy: Demand for tea is elastic because there are substitutes for tea.
selymi|Points 22534|

User: What is the main difference between macroeconomics and microeconomics? A. Macroeconomics studies the market system on a large scale, while microeconomics studies markets individually. B. Macroeconomics focuses on the role of the government in the economy, while microeconomics focuses on the role of the individual. C. Microeconomics studies the market system on a large scale, while macroeconomics studies markets individually. D. Microeconomics focuses on the role of international trade in the economy, while macroeconomics focuses on the role of firms.

User: Minimum wage is a common example of what? A. price ceilings B. rationing C. price floors D. public good

Question
Asked 3/19/2017 12:59:42 PM
Updated 3/19/2017 11:56:49 PM
1 Answer/Comment
This answer has been confirmed as correct and helpful.
Edited by jeifunk [3/19/2017 11:56:47 PM], Confirmed by jeifunk [3/19/2017 11:56:49 PM]
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Minimum wage is a common example of price floors.
Added 3/19/2017 11:51:34 PM
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Questions asked by the same visitor
"Voluntary exchange" means A. to participate in economic exchange of your own free will. B. to agree to participate in economic exchange for no profit. C. to be forced to participate in economic exchange. D. to be selected by others to partake in economic exchange.
Question
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Updated 3/14/2017 9:20:50 AM
1 Answer/Comment
"Voluntary exchange" means to participate in economic exchange of your own free will.
Added 3/14/2017 9:20:50 AM
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Confirmed by Andrew. [3/14/2017 12:31:05 PM]
Economists who study macroeconomics are concerned with all of the following EXCEPT A. the gross domestic product (GDP). B. the business cycle. C. the purchases of a single individual. D. assessing economic trends and practices of the aggregate.
Question
Not Answered
Updated 3/15/2017 9:52:52 AM
1 Answer/Comment
Economists who study macroeconomics are concerned with all of the following EXCEPT: the purchases of a single individual.
Added 3/15/2017 9:52:52 AM
This answer has been confirmed as correct and helpful.
Confirmed by yumdrea [3/15/2017 10:13:19 AM]
Define the term depreciate. A. to remain at a constant value B. to lose value over time C. to increase in value D. to lose value and then increase in value
Weegy: Depreciate means to reduce the purchasing value of (money). User: The aggregate demand curve shows the graphical relationship between the aggregate price level and the A. supply available. B. market quantity of goods and services. C. aggregate quantity demanded. D. total goods and services produced. (More)
Question
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Updated 3/15/2017 10:15:55 AM
1 Answer/Comment
Depreciate means: to lose value over time.
Added 3/15/2017 10:15:55 AM
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Book reviews are A. only prepared by authors in the same field. B. mostly found in professional literature journals. C. only prepared for books written in the genre of fiction. D. often found in newspapers and magazines.
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Updated 3/12/2017 11:13:27 AM
1 Answer/Comment
Book reviews are often found in newspapers and magazines.
Added 3/12/2017 11:13:27 AM
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Confirmed by jeifunk [3/13/2017 2:40:10 AM]
During which of the following phases of the business cycle does the real GDP fall? A. trough B. expansion C. contraction D. peak
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Updated 3/18/2017 2:13:05 PM
1 Answer/Comment
Contraction is business cycle when the real GDP falls.
Added 3/18/2017 2:13:05 PM
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Confirmed by jeifunk [3/18/2017 3:06:05 PM]
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