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:

Lusitania

A British ocean liner famously sunk by a German U-boat in 1915, an event that significantly swayed public opinion in several countries against Germany during World War I.

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A federal republic in North America composed of 50 states, a federal district, five major self-governing territories, and various possessions.

Passenger Ship

A ship designed to carry people, as opposed to cargo, over water. These ships range from small ferries to large ocean liners.

Naval Strategy

Involves the planning and execution of maritime operations to achieve military or political objectives, including the use of naval forces to project power, secure shipping lanes, and combat threats.