Which of the Following Is Explained by the Law of Diminishing

question 226

Multiple Choice

Which of the following is explained by the law of diminishing marginal utility?

• A)The marginal utility of Isabel's second bottle of Coca-Cola is greater than the marginal utility of her third bottle of Coca-Cola.
• B)The marginal utility of Isabel's second bottle of Coca-Cola is greater than the marginal utility of her third pretzel.
• C)The marginal utility of Isabel's second bottle of Coca-Cola is greater than the marginal utility of her friend Margie's third pretzel.
• D)The total utility of one bottle of Coca-Cola is greater than the total utility of two bottles of Coca-Cola.

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Definitions:

Physical Count

The process of manually counting the actual inventory on hand at a particular time to verify the quantities listed in accounting records.

Job Order Cost System

An accounting system that tracks costs individually for each job, rather than using a standard method for all jobs, suitable for companies producing unique or custom products.

Equivalent Units

a concept used in cost accounting to indicate a standard amount of work done on incomplete or partially manufactured units.

Conversion Costs

Costs incurred to convert raw materials into finished products, typically including direct labor and manufacturing overhead.