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Joan occasionally enjoys wine with her meals. However, the more wine she consumes per month, the lower her marginal utility of wine. We can conclude
Joan occasionally enjoys wine with her meals. However, the more wine she consumes per month, the lower her marginal utility of wine. We can conclude that:
A
a decrease in the price of wine will Increase Joan's marginal utility
B Joan's demand for wine is downsloping
an decrease in the price of wine will decrease Joan's total utility
D Joan's dernand for wine is Inelastic
QUESTION
The utility of a particular good:
A typically Increases at a constant rate
B typically Increases at a decreasing rate
C Is a measure of the product's usefulness
D Is the same for everyone, even if its usefulness differs from person to person
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