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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

The law of diminishing marginal utility is consistent with the fact that people trade. Do you agree or disagree? Explain your answer.

To determine

Explain the law of diminishing marginal utility with trade.

Explanation

The trade between people is possible only when the marginal utility received by a person from the consumption of a particular commodity is less than the marginal utility received by someone from the consumption of the same commodity...

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