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natulia [17]
2 years ago
6

The law of diminishing utility states that added satisfaction declines as a consumer acquires additional units of a given produc

t. True or false?.
Business
1 answer:
rusak2 [61]2 years ago
4 0

The law of marginal utility states that added satisfaction declines as a consumer acquires additional units of a given product. The given statement is false.

<h3>What is marginal utility?</h3>

Marginal utility, in economics, exists as the additional satisfaction or benefit (utility) that a consumer emanates from buying an additional unit of a commodity or service. Utility stands for the satisfaction or benefits emanated by consuming a product. The marginal utility of a good or service represents how much pleasure or satisfaction exists gained or lost by consumers as a consequence of the increase or decrease in consumption by one unit. There are three classifications of marginal utility.

Diminishing marginal utility directs to the phenomenon that each additional unit of gain shows an ever-smaller increase in subjective value. For example, three bites of candy exist better than two bites, but the twentieth bite does not add much to the adventure beyond the nineteenth.

Hence, The given statement is false.

To learn more about marginal utility refer to:

brainly.com/question/15050855

#SPJ4

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You receive $100 today, $200 in one year, and $300 in two years. if you deposit these cash flows into an account earning 10 perc
lbvjy [14]

Answer:

$628.49

Explanation:

Cash flows                     Discount factor      Future value

$100                         1.1449                $114.49

$200                         1.07                   $214

$300                          1                        $300

Future value                                                  $628.49

The discount factor is as follows

= (1 + interest rate)^number of years

For $100 the year is 2

For $200 the year is 1

For $300 the year is 0

5 0
2 years ago
Check My Work Mack is injured by a tractor manufactured by WestCo. In order to defend against a negligence claim based upon the
Tamiku [17]

Answer:

Option D Showing the absence of privity of contract between it and the consumer.

Explanation:

The reason is that privity of contract says that the party of the contract are only allowable to sue each other which in other words can enforce the other to fulfill his requirements that were agreed while forming contract. So the right answer is option D because it is not related to the negligence claim.

The duty of care that the company owes towards its product's users includes using appropriate production process so that the customer will not be injured, placing the caution and warning labels so that the person can save him from the injury and the company has used components that will not harm the user of the product.

So all the options are correct except option D.

8 0
3 years ago
4. when the total expenses are greater than the total revenues, (a) the income summary account has a credit balance. (b) the inc
irina [24]

When the total expenses are greater than the total revenues, then the income summary account has a debit balance.

An income summary account is a temporary account in which the revenue and expenses closing entries are entered to find out the profit or loss.

In the income summary account, all the revenue account closing entries are credited, and all the expenses closing entries are on the debit side.

Thus, if the credit balance is more than the debit balance, it shows the profit and if the debit balance is more than the credit balance, it shows the loss.

Learn more about "Income summary":

brainly.com/question/9122916

6 0
1 year ago
Holly and matt want to use the "nonworking" spouse method to determine the amount of life insurance coverage they need. if their
Maksim231197 [3]

The best answer for this question would be:

 

$150,000

 

Because in the method of the “non-working” spouse method, they are given a calculation of (18 - youngest child's age) × $10,000 (18 being the legal age)

 

Resulting that the solution would be:

<span> (18 - 3) × $10,000 = $150,000</span>

8 0
4 years ago
Last​ weekend, Bob attended the university football game. At the opening​ kickoff, the crowd stood up. Bob therefore had to stan
Tatiana [17]

Answer:

a non-cooperative game strategy, where participants independently choose their strategy to maximize their payoffs.

Explanation:

From the question, we are informed about Bob, who attended the university football game last week . At the opening​ kickoff, the crowd stood up. Bob therefore had to stand up as well to see the game. In this​ case, Bob was participating in a non-cooperative game of​ strategy, where participants collectively choose their strategy to maximize their joint payoffs. Non-cooperative game strategy can be regarded as the rational ways economic agent relate with each other so that their goals can be achieved. In this game both the available strategies as well as the outcome from various choices will be listed.

6 0
3 years ago
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