Which of the Following Is Descriptive of the Law of Diminishing

question 124

Multiple Choice

Which of the following is descriptive of the law of diminishing marginal utility?

• A)The third hamburger consumed provides less utility than the second hamburger consumed.
• B)The third hamburger is priced higher than the first hamburger.
• C)As price falls, quantity demanded rises, ceteris paribus .
• D)The price of a good rises as the costs of producing that good rise.

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Definitions:

Modified

Altered or changed in form, character, or substance, usually to improve or adapt to different situations.

Intentional Torts

Legal wrongs resulting from actions taken with the intent to cause harm or injury, as opposed to resulting from negligence or accidents.

Negligent Torts

Legal claims arising from acts or omissions that constitute a breach of a duty of care, leading to harm or injury to another party.

Reasonable Care

The degree of caution and concern an ordinarily prudent and rational person would use in similar circumstances.