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a. How do consumers use marginal utility to make choices? Provide an example of how you have used marginal utility to make a choice for

a. How do consumers use marginal utility to make choices? Provide an example of how you have used marginal utility to make a choice for a consumer product.

b. What is the Law of Diminishing Marginal Utility? Why is it relevant in the study of economics?

c. What is the difference between accounting and economic profits? Why is is important for a small business?

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