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What is the law of diminishing marginal utility? Do every people consuming all goods exhibit this law? Give some examples of possible exceptions to the
- What is the law of diminishing marginal utility? Do every people consuming all goods exhibit this law? Give some examples of possible exceptions to the law of diminishing marginal utility.
- Why are demand curves for most goods downward sloping?
- What is the law of diminishing marginal returns? Give an example. When do firms experience this?
- What is increasing returns to scale? Is this likely to last long in the real world? Why?
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