Explain of the law of demand
Explain of the law of demand?
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a. Diminishing marginal utility: The decrease in added satisfaction that results as one consumes additional units of a good or service, i.e., the second “Big Mac” yields less extra satisfaction (or utility) than the first.
b. Income effect: A lower price increases the purchasing power of money income enabling the consumer to buy more at lower price (or less at a higher price).
c. Substitution effect: A lower price gives an incentive to substitute the lower-priced good for now relatively higher-priced goods.
When, in a perfectly competitive industry, where the market price facing a firm is above its average total cost on the output here marginal revenue equivalents marginal cost, in that
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plz find the attachment and dont compromise on quality,, no similarity n need to be done according to requierment...
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