D. price rises and quantity falls. var rp=loadCSS.relpreload={};rp.support=(function(){var ret;try{ret=w.document.createElement("link").relList.supports("preload")}catch(e){ret=!1} Shift the demand curve in and to the left, lowering the equilibrium price but raising the equilibrium quantity. Because you were hungry and this is the first food you are eating, the first slice of pizza has a high benefit. b. D) perfectly elastic demand. An increase in the demand for good X. d. diminishing utility maximization. @media (max-width: 767px) { 1 See answer Advertisement angelboyshiloh C! The law of diminishing marginal utility states: a) The supply curve slopes upward. In general, it is statistically proved that consumers exert more caution and attention when faced with higher utility propositions. An increase in demand (given a typical upward sloping supply curve) for a product (increases/decreases) the equilibrium price, and (increases/decreases) the equilibrium quantity. What Factors Influence Competition in Microeconomics? b) rise in the price of a substitute. ", Harper College. The law of diminishing marginal utility is not specific to any industry. It could be calculated by dividing the additional utility by the amount of additional units. D.more elastic th, An increase in the price level will: a. move the economy up along a stationary aggregate demand curve. Diminishing marginal productivity in economics states that a small change in a variable input or a factor of production can initially create a small positive impact on the production output, and the positive impact starts reducing after a certain point. Marginal Utility is the change in total utility due to a one-unit change in the level of consumption. 438643-identify-and-explain-the-receip Homework Help and Exam Questions Demand: How It Works Plus Economic Determinants and the Demand Curve. C. marginal revenue is $50. A person buying backpacks can get the best cost per backpack if they buy three. An economic rule governing production which holds that if more variable input units are used along with a certain amount of fixed inputs, the overall output might grow at a faster rate initially, then at a steady rate, but ultimately, it will grow at a declining rate. Which of the following economic mysteries does the law of diminishing marginal utility help explain? Her expertise is in personal finance and investing, and real estate. (function(){var o='script',s=top.document,a=s.createElement(o),m=s.getElementsByTagName(o)[0],d=new Date(),timestamp=""+d.getDate()+d.getMonth()+d.getHours();a.async=1;a.src='https://cdn4-hbs.affinitymatrix.com/hvrcnf/wallstreetmojo.com/'+ timestamp + '/index?t='+timestamp;m.parentNode.insertBefore(a,m)})();

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