Economics Paper 28
1The law of diminishing marginal utility states that:
2Marginal utility measures:
3----------------- is the difference between willingness to pay and what the
consumer actually has to pay:
4-------------- is the ratio of the probability of success to the probability of
failure:
5------------------- operate under the principle of law of large numbers:
6The optimum consumption point for the consumer is a point where:
7A curve that represents all combinations of market baskets that provide the
same level of utility to a consumer is called:
8The slope of an indifference curve reveals that:
9The law of diminishing returns applies to
10In the long run:
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