According to the Utility Model of Consumer Demand, the Law

question 170

Multiple Choice

According to the utility model of consumer demand, the law of diminishing marginal utility indicates that the demand curve is:

• A) flat.
• B) downward sloping.
• C) U-shaped.
• D) upward sloping.

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Definitions:

Legally Accountable

Being responsible or answerable in law; legally obligated to face the consequences of one's actions or decisions.

Concentration

Term applied to designated groups whose numbers in a particular occupation or level are high relative to their numbers in the labour market

Protected Class

Groups of people legally protected from discrimination and harassment, based on characteristics such as age, race, gender, religion, and disability.

Labour Market

The supply and demand for labor, where employees provide the supply and employers create the demand.