Solved: Explain the concept of diminishing marginal utility, Microeconomics

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Explain the concept of diminishing marginal utility

Assignment:

1.Describe the process by which the market for capital and the market for labor reach equilibrium. What happens to each if demand for the final product were to increase? Why?

2.Do consumers play a role in perpetuating discrimination in labor markets? If so, how? If not, explain the reasoning for your answer.

3.Explain the concept of diminishing marginal utility. Since all goods are scarce, does diminishing marginal utility contradict the statement that individuals always want more of all goods?

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