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Hello-

Can you please help me answer the following question?

The Law of Diminishing Marginal Utility is just a theory that has no application to everyday life. None of us behave as if we were subject to this law. True or False? Explain.

Thank you

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Darryn D'Souza
Darryn D'SouzaLv10
28 Sep 2019

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Related questions

  1. The Law of diminishing marginal utility is just a theory that has no application to everyday life. None of us behave as if we were subject to this law. True or False? Explain.
  2. Diamonds have a greater marginal utility than water. True or False? Explain.
Ā 

Hello-

Can you please help me with the following question?

Diamonds have a greater marginal utility than water. True or False? Explain.

Thank you

Hello, I would like to double check these if questions for True and Falses Questions are correct for Microeconomics! Thank you

T or F

___T___ 1. An inferior good can be demand inelastic but not demand elastic.

___T___ 2. Demand is elastic if price changes by a smaller percent than quantity demanded

___F___ 3. Total utility always decreases as marginal utility decreases.

___T___ 4. The law of diminishing marginal utility cannot be used to make interpersonal utility comparisons.

___F___ 5. If the demand for a product is highly elastic, a price drop may reduce incomes of the producers.

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