Quiz-4
... a good declines as the consumption of that good increases • C. There is a negative relationship between the price and the utility a consumer drives from consumption of a good • D. Ceteris paribus, as the consumer’s consumption of a good increases each additional unit adds less to her total utility t ...
... a good declines as the consumption of that good increases • C. There is a negative relationship between the price and the utility a consumer drives from consumption of a good • D. Ceteris paribus, as the consumer’s consumption of a good increases each additional unit adds less to her total utility t ...
Consumer & utility
... The Law of Equi-Marginal Returns: States that a consumer will be in equilibrium when his/her income is spent in such a way that the ratio of marginal utility (MU) to price (P) is the same for all goods. ...
... The Law of Equi-Marginal Returns: States that a consumer will be in equilibrium when his/her income is spent in such a way that the ratio of marginal utility (MU) to price (P) is the same for all goods. ...
