According to the Law of Diminishing Marginal Utility, a. The desire to consume a

Question

According to the Law of Diminishing Marginal Utility,
a. The desire to consume a particular product increases the more we consume that product.
b. The level of satisfaction derived from consuming the second unit of a given product is the same as the level of satisfaction derived from consuming the first unit of that product.
c. The level of satisfaction derived from consuming a given product decreases as more units of that product are consumed.
d. All of the above


Which of the following statements refers to perfectly inelastic demand?
a. The same quantity is demanded even though the price increases.
b. A price increase causes the quantity demanded to decrease from infinity to zero.
c. Quantity demanded changes as the price changes.
d. The higher the price, the higher the quantity demanded.

Thank You

Explanation / Answer

According to the Law of Diminishing Marginal Utility, c. The level of satisfaction derived from consuming a given product decreases as more units of that product are consumed. Which of the following statements refers to perfectly inelastic demand? a. The same quantity is demanded even though the price increases.

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