​Its Lunch Time,you Are Hungry and Would Like to Have

question 72

Multiple Choice

​Its lunch time,you are hungry and would like to have some pizza.By the law of diminishing marginal value,

• A)​you would pay more for your first slice of pizza than your second
• B)you would pay more for your second slice of pizza than your first
• C)you would pay an equal amount of money for both the slices since they are identical
• D)​none of the above

---

Definitions:

Total Revenues

The complete amount of income generated by a company through its various business activities.

Market Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output that producers are willing and able to sell at that price.

Acceptable Prices

Prices that consumers feel are fair for products or services, and are willing to pay.

Total Revenues

The overall amount of money received by a firm from sales of its products or services, before any costs are deducted.