Diminishing Marginal Utility of Wealth Implies That the Utility Function

question 70

Multiple Choice

Diminishing marginal utility of wealth implies that the utility function is

• A)upward-sloping and has decreasing slope.
• B)upward-sloping and has increasing slope.
• C)downward-sloping and has decreasing slope.
• D)downward-sloping and has increasing slope.

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Definitions:

Mass Media

Forms of communication, such as television, newspapers, and the internet, that reach large audiences.

Economic Needs

Essential requirements for an individual or society to maintain a minimum standard of living, including food, shelter, clothing, and healthcare.

Political Needs

The requirements necessary for the governance and wellbeing of a society, including stability, participation, and the enforcement of legal norms.

Religious Needs

Requirements or desires that arise from an individual's faith or spiritual beliefs, impacting their way of living and interacting with the world.