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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

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Answers (1)
  1. 27 July, 22:51
    0
    The correct answer is b
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