The Slower the Marginal Utility Declines as More of a Good

question 51

Multiple Choice

The slower the marginal utility declines as more of a good is consumed the:

• A) greater the elasticity of demand.
• B) smaller the elasticity of demand.
• C) smaller the opportunity cost of the good.
• D) larger the opportunity cost of the good.

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Definitions:

Spike

A sudden, large increase or peak in the data, often seen in graphs or time series analysis.

Fixed-Interval

A schedule of reinforcement where a response is rewarded only after a specified amount of time has elapsed.

Reinforcement

The process of encouraging or establishing a pattern of behavior by offering rewards or consequences.

Employer

An entity or individual that hires and pays individuals for their labor or services.