At Some Point During a Meal Each Extra Bite Provides

question 57

Multiple Choice

At some point during a meal each extra bite provides less and less additional satisfaction.This can be explained by:

• A) The law of demand.
• B) The law of diminishing marginal utility.
• C) The law of increasing opportunity cost.
• D) A shift in the demand curve.

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Definitions:

Eyeglasses

Corrective or protective devices worn on the eyes, consisting of lenses mounted in a frame, to improve vision or protect the eyes from damage or light.

Average Variable Cost

The variable cost per unit of output, calculated by dividing total variable costs by the total output.

Average Total Cost

The total cost of production divided by the number of units produced, representing the per-unit cost of production.

Marginal Cost

The increase in cost that results from producing one additional unit of a good or service.