“I like ice cream, but after eating homemade ice cream last night, I want to hav
ID: 1162825 • Letter: #
Question
“I like ice cream, but after eating homemade ice cream last night, I want to have something else for desert today.” This statement most clearly reflects
the law of demand.
the law of diminishing returns.
the law of diminishing marginal utility.
the law of increasing costs.
Which of the following would increase the supply of corn?
An increase in the price of pesticides.
A decrease in the demand for corn.
A fall in the price of corn.
A decrease in the price of wheat.
the law of demand.
the law of diminishing returns.
the law of diminishing marginal utility.
the law of increasing costs.
Explanation / Answer
a) "The law of diminishing marginal utility",
It states that with other things constant the more and more we consume a single product the utility we get from that product decreases. Here, we are receiving very less utility from an extra ice cream.
b) A decrease in the demand for corn will decrease the price and supply of corn and an increase in the price of pesticide will increase the input cost and reduce the supply again.
The answer is "A decrease in the price of wheat".
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.