Which of the Following Sayings Describes the Concept of Diminishing

question 3

Multiple Choice

Which of the following sayings describes the concept of diminishing marginal utility?

• A)time is money
• B)penny wise and pound foolish
• C)absence makes the heart grow fonder
• D)a penny saved is a penny earned
• E)a fool and his money are soon parted

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Definitions:

Oligopolistic Market

A market structure characterized by a small number of firms dominating the market, leading to limited competition and significant influence over price and market conditions.

Entry Barriers

Obstacles that make it difficult to enter a particular market, such as high start-up costs or stringent regulations.

Market Size

The total number of potential buyers and sellers in a given market, often measured by volume or value.

Individual Transferable Quotas

A regulatory tool in environmental and resource management, allowing owners to harvest a specific amount of a resource and trade the quota with others.