Which Economic Principle Accounts for the Fact That All-You-Can-Eat Buffet

question 159

Multiple Choice

Which economic principle accounts for the fact that all-you-can-eat buffet restaurants can be profitable?

• A) The law of demand
• B) The principle of diminishing marginal utility
• C) The principle of diminishing marginal product
• D) The law of supply

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Definitions:

Unionization Efforts

The processes and activities undertaken by workers and labor unions to encourage and facilitate the formation of unions at workplaces.

Late 1800s

A period characterized by significant industrialization, economic growth, and social change, occurring in the final decades of the 19th century.

3 Step Process

A generalized procedural framework, typically involving stages such as preparation, implementation, and review, used to achieve a specific goal or resolve problems.

Anti-Union Bias

A predisposition or inclination against labor unions and their activities, often reflected in policies, practices, or attitudes that undermine union organization and collective bargaining.