The Law of Diminishing Marginal Utility Implies That as a Household

question 13

True/False

The law of diminishing marginal utility implies that as a household consumes more of a product, its total utility will increase by smaller amounts, assuming marginal utility remains positive.

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Definitions:

Chattel

Personal property that can be moved, often used historically to refer to slaves as property.

Jamestown Census

The historical recordings of the population and demographic information of the Jamestown settlement, the first permanent English settlement in the Americas, established in Virginia in 1607.

Blacks

A term referring to people of African descent, often used in the context of discussing ethnic, cultural, or racial identity and issues.

Indentured Servants

Indentured servants were individuals who agreed to work for a certain number of years in exchange for transportation to the New World and, once they arrived, food, clothing, and shelter.