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The following are explanations of the law of demand, except:
 
A. Expectations effect
B. Diminishing marginal utility
C. Income effect
D. Substitution effect

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Joshua Stredder
Joshua StredderLv10
17 Oct 2020

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Related questions

The following are explanations of the law of demand, except
 
a. expectations effect. 
b. diminishing marginal utility. 
c. income effect. 
d. substitution effect. 

An individual demand curve slopes downward to the right because of the:

a. Working of the law of diminishing marginal utility.

b. Substitution effect of a decrease in price income.

c. Effect of a fall in price.

d. All of the above.

1. If marginal utility is negative, total utility is

a. Positive

b. Negative

c. Decreasing

d. Constant

e. Increasing

2. If utility-maximizing consumers face identical prices, they will have identical

a. Marginal utilities for each good

b. Ratio of marginal utilities for each good

c. Preferences

d. Ratios of total utilities for each good

e. Total utilities for each good

3. The substitution effect

a. Always increases quantity demanded of a good whose relative price has fallen

b. Is opposite in sign to the income effect for all normal goods

c. Is opposite in sign to the income effect for all normal goods

d. May cause demand curves to be upward sloping

e. Is always dominated by the income effect for normal goods

4. Demand curves for normal goods slope downward because

a. The substitution effect of a price change is greater than the income effect

b. Substitution and income effects work in the same direction

c. The income effect is always greater than the substitution effect

d. The income effect is always less than the substitution effect

e. None of the above

5. The idea that a consumer derives less additional satisfaction from consuming successive units of a good is called

a. Diminishing consumer surplus

b. The paradox of value

c. Diminishing marginal utility

d. Diminishing total value of consumption

e. Diminishing total utility

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