For each of the concepts below, include the following.

1.) A brief definition of these concepts

2.) Three examples that demonstrate the concept

3.) Three questions that would test a person's knowledge of the concept.In other words, pretend

you are the professor who needs to ask their students three challenging questions about each

topic.

Concepts

1.) Law of diminishing marginal utility

2.) The income effect of a price change

3.) The substitution effect of a price change