If, as a Person Consumes More and More of a Good

question 77

Multiple Choice

If, as a person consumes more and more of a good, each additional unit adds less satisfaction than the previous unit consumed, we are seeing the workings of

• A)the law of demand.
• B)the law of supply.
• C)the law of increasing marginal opportunity cost.
• D)the law of diminishing marginal utility.

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Definitions:

War Powers Act

Law passed in 1973, reflecting growing opposition to American involvement in the Vietnam War; required congressional approval before the president sent troops abroad.

Congressional Approval

The process by which proposed laws, appointments, and other measures are formally agreed upon or sanctioned by the U.S. Congress, which consists of the Senate and the House of Representatives.

Presidential Election

A process in countries with a presidential system where citizens vote to elect the President of the country, usually through direct or indirect means.

Richard Nixon

The 37th President of the United States, whose tenure is marked by significant foreign diplomacy and the Watergate scandal leading to his resignation.