On a Graph with Utility on the Vertical Axis and Wealth

question 35

Multiple Choice

On a graph with utility on the vertical axis and wealth on the horizontal axis, diminishing marginal utility of wealth implies that the utility function is

• A)upward-sloping and has decreasing slope.
• B)upward-sloping and has increasing slope.
• C)downward-sloping and has decreasing slope.
• D)downward-sloping and has increasing slope.

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Definitions:

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A theory of color vision proposing that the human eye has three types of receptors with different sensitivities to light wavelengths, responsible for the perception of color.

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A unit of measurement for the intensity of sound, indicating the level of sound pressure or power on a logarithmic scale.

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