"The Marginal Utility Received from Each Additional Unit of a Good

question 89

Multiple Choice

"The marginal utility received from each additional unit of a good consumed declines, other things constant." This is a statement of the law of

• A)increasing marginal returns
• B)marginal rate of substitution
• C)supply
• D)diminishing marginal utility
• E)demand

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Definitions:

Internal Causes

Factors within a person or organization that influence outcomes, such as attitudes, motivations, or knowledge.

External Causes

Refer to factors or events outside of an organization or individual's control that impact outcomes, operations, or decisions.

Self-serving Bias

A common tendency for individuals to attribute their successes to internal factors while blaming external factors for their failures, which can affect self-assessment and behavior.

Attribution

The process of explaining events.