1.)What do th income effect, the substitution effect, anddiminishing marginal ut

Question

1.)What do th income effect, the substitution effect, anddiminishing marginal utility have in common? A.All are required to explain the utility-maximizing positionof consumer. B.They are all empirically measurable. C.They all hlp explain the upsloping supply curve. D.They all help explain the downsloping deamnd curve. 2.)Diminishing marginal utility explains why: A.the income effect exceeds the substitution effect. B.the substitution effect exceeds the income effect. C.supply curves are upsloping. D.demand curves are downsloping 1.)What do th income effect, the substitution effect, anddiminishing marginal utility have in common? A.All are required to explain the utility-maximizing positionof consumer. B.They are all empirically measurable. C.They all hlp explain the upsloping supply curve. D.They all help explain the downsloping deamnd curve. 2.)Diminishing marginal utility explains why: A.the income effect exceeds the substitution effect. B.the substitution effect exceeds the income effect. C.supply curves are upsloping. D.demand curves are downsloping

Explanation / Answer

1.D They all help explain the downsloping demand curve 2.D demand curves are downsloping

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