Questions and Answers
What is the study of human behavior under conditions of scarcity?
Microeconomics
What is the cost added by producing one additional unit of a product or service?
Marginal cost
What is the total satisfaction received from a choice?
Utility
What principle states that decisions about quantity are best made incrementally?
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What principle suggests that as someone consumes additional units of a product, the additional satisfaction derived from each additional unit declines?
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