-In the Figure Above, the Curve That Shows the Diminishing

question 324

Multiple Choice

-In the figure above, the curve that shows the diminishing marginal utility is

• A) total utility curve A because it gets steeper as consumption of tomatoes increases.
• B) total utility curve A because it is higher than total utility curves B or C.
• C) total utility curve C because it gets flatter as consumption of tomatoes increases.
• D) total utility curve C because it is lower than total utility curves B and C.

---

Definitions:

Typical Family

A standard or average family unit, often used in statistical analyses to represent an average household.

Standard Of Living

The degree of wealth, comfort, material goods, and necessities available to an individual, group, or society.

Inflation Rate

The rate expressed as a percentage at which the average price level of goods and services increases, leading to a decrease in purchasing power.

CPI

A rephrased definition for Consumer Price Index, which tracks changes in the price level of a market basket of consumer goods and services purchased by households.