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:

Internal Combustion Engine

An engine in which the combustion of a fuel occurs with an oxidizer in a combustion chamber.

Steam Engine

A heat engine that performs mechanical work using steam as its working fluid, playing a crucial role in the Industrial Revolution by powering machinery, locomotives, and ships.

Toxic Dumps

Sites where hazardous waste is disposed of without proper precautions, often causing environmental contamination and health issues for nearby communities.

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Oil refineries are industrial processing plants where crude oil is transformed and refined into more useful products like gasoline, diesel, and other petrochemicals.