Economics - Study Mode

[#1396] Which of the following best expresses the law of diminishing marginal utility?
Correct Answer

(B) The more a person consumes a, product, the smaller becomes the additional utility, which he receives as a result of consuming an additional unit of the product

[#1397] What is the increase in total cost due to production of the last unit of production called?
Correct Answer

(D) Marginal cost

[#1398] When the income elasticity of demand is greater than unity, the commodity is
Correct Answer

(B) a luxury

[#1399] In perfect competition in the long run there will be no
Correct Answer

(B) super normal profits

[#1400] Under perfect competition a firm may earn supernormal profit in
Correct Answer

(A) Short run