The principle of diminishing marginal utility states that: A. You don\'t enjoy c

Question

The principle of diminishing marginal utility states that: A. You don't enjoy consuming more of a good. B. You enjoy consuming more of a good if it is good. C. As you consume more of a good, you enjoy the additional units less than you did the previous units. D. As you consume more of a good, you enjoy the additional units more than you did the initial units. Refer to Figure 2 above. What area represents total profits for a firm operating under perfect competition? A. DABC B. CBW0 C. DAFM D. MFW0 Answer:

Explanation / Answer

6. C is Correct

7. DABC, because area above minimum ATC

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