Business

Dahlia Villegas

27 July, 22:15

A hungry man is willing to pay a high price for food. After he is no longer hungry, he is not willing to pay the smae high price. Which of the following best defines this example?

a. a complement

b. diminishing marginal utility

c. unit elasticity

d. the substitution effect

+5

Answers (1)

Know the Answer?

Not Sure About the Answer?

Get an answer to your question ✅ “A hungry man is willing to pay a high price for food. After he is no longer hungry, he is not willing to pay the smae high price. Which of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.

Search for Other Answers

You Might be Interested in

Scotts fertilizer has a 4-step program for lawn care. each step features a different product. scotts sells the fertilizer as a set containing one bag of each of the 4-step products.

Olga fjord sells computers. she earns a 4.5% commission on sales. how much must she sell in order to earn $9000

Which federal agency insures savings deposits? A. The Consumer Product Safety Commission B. The Savings Deposit Agency C. The Federal Deposit Insurance Corporation D. The Securities and Exchange Commission

In Country A, the price of wheat has increased greatly over the past year. Because of this change, farmers in Country A are planning to grow more wheat in the next few years.

Andrew is a financial planner and charges fees of 2% for every investment made. He made investments worth $500,000. What amount will he receive as compensation? Andrew will receive $___ as compensation.

New Questions in Business

At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000. During the year, the company reported total revenues of $226,000 and expenses of $175,000.

Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end. With this omission, the company's summary financial statements were stated as follows:Summarized Income StatementSales $50,000,000All Cost (incl.

Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $8,600 (that had cost $6,355) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.

G. R. Edwin Inc. had sales of $6.02 million during the past year. The cost of goods sold amounted to $3.06 million. Operating expenses totaled $2.65 million, and interest expense was $27 comma 000.

During the year, Calabash Clinic made a $50,000 cash payment toward its bank loan, which it had previously recorded; $40,000 was for principal, and $10,000 was to pay the full amount of interest due.