Diminishing marginal utility a. implies that increases in income will give less utility to a rich person
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Diminishing marginal utility
a. implies that increases in income will give less utility to a rich person than to a poor person.
b. implies that a given amount of added income would tend to provide less utility to a given individual at higher levels of income than at lower levels of income.
c. implies that income redistribution from higher- to lower-income people will give more utility to the lower-income people than it will take from the higher-income people.
d. implies that all of the above are true.
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