The Law of Diminishing Marginal Utility Implies That in Order

question 208

True/False

The law of diminishing marginal utility implies that in order to induce a buyer to buy more of a product, the seller must lower its price.

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Definitions:

Conditioned Response

A learned reaction to a previously neutral stimulus that becomes elicited by the stimulus after repeated associations with an unconditioned stimulus.

Hypodermic Needle

This refers to a slender, hollow needle attached to a syringe, used for injecting substances into the body or extracting fluids from it.

Unconditioned Stimulus

A stimulus that naturally triggers a response without the need for prior learning.

Unconditioned Response

An automatic, natural reaction to a stimulus that occurs without any prior learning or conditioning.