Suppose Ken is a huge lover of chicken fingers, and assume that he stays alive a

Question

Suppose Ken is a huge lover of chicken fingers, and assume that he stays alive after eating 100 fingers. Despite those facts, he would never eat 100 fingers for one meal. What is the law/principle in Economics that can explain this? Write down the name of the law/principle, and briefly define it. True or False? John is maximizing utility when consuming two goods, French fries and hot dogs. If the marginal utility from the last box of fries John consumed is 60 and the marginal utility of the last hot dog John consumed is 120, and hot dogs cost $1.00 a piece, then a box of fries must cost 50 cents. (circle one answer) True False

Explanation / Answer

1. Law of diminishing marginal utility-This states that as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product. 2. False, price has nothing to do with the utility one obtains from consuming another good

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