Which statement best illustrates the concept of diminishing marginal utility

Asked by admin @ 07/10/2021 in Business viewed by 299 People

Which statement best illustrates the concept of diminishing marginal utility? a. If the price of hamburger declines, there will be a change in consumer tastes in favor of hamburgerb. A typical consumer will receive less satisfaction from consuming hamburgers than from consuming pork c. A typical consumer will receive less satisfaction from consuming the fourth hamburger per week than the third hamburger per week d. A decrease in the price of hamburger will cause consumers to buy more hamburger because they have, in effect, received an increase in income

Answered by admin @ 07/10/2021

Answer:

The correct answer is C) A typical consumer will receive less satisfaction from consuming the fourth hamburger than the third per week

Explanation:

The law of diminishing marginal utility states that the more you consume of a specific good or service, the less satisfaction it provides to you. If applies for anything. You may like pizzas a lot, but if you eat one large pizza everyday in a week, you will probably grow tired of it by saturday. This last point refers precisely to the fact that the marginal utily might not only decrease, but also become zero or negative. If the marginal utility is negative, it means that the good or service not only no longer satisfies you, but also harms you or makes you feel bad.

Able, baker, and charles are engaged in the marketing to and enrollment of beneficiaries into medicare health plans. mr. able is an independent agent paid directly by a health plan. ms. baker is an independent agent paid through a field marketing organization (fmo). mr. charles is an independent agent paid for his work by a third-party marketing organization (tmo). how do the cms compensation rules apply to these three agents?

Asked by maham237 @ 13/01/2021 in Business viewed by 2744 persons

Which statement best illustrates the concept of diminishing marginal utility

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