Answer:
Marginal utility is the benefit of consuming additional unit of a product and it is inversely proportional to price.
Explanation:
Utility is the satisfaction derived from consuming a particular product.
As consumption continues, marginal utility is the benefit of consuming additional units of the product. Marginal utility reduces as consumption increases.
So the consumer is less willing to buy at current price. However the consumer will be more willing to buy more at a reduced price.
The campus bookstore is using the knowledge of this by selling the first mu for $10 and subsequent one for $6. The consumer will still be willing to buy at the reduced price.
People often produce goods. When production is characterized by opportunity costs, the resulting production possibilities frontier will be a straight line is a true statement.
<h3>What is opportunity cost in terms of production?</h3>
The opportunity cost of transporting or changing from one efficient combination of production to another that is better is simply defined as how much a specific good that is one goods is given up so that a person can get more of another kind of goods.
Opportunity cost is said to be seen when spending more money on an item.
Due to the above, when production is seen to be more of constant opportunity cost, the resulting production possibilities frontier is known to occur on a straight line.
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brainly.com/question/1501489
The answer is cost of goods sold... brainliest plz
Money serves as a good store of value except when an economy experiences a period of INFLATION.
