Suppose Darren pays $10 to eat at an All-you-can-eat dessert buffet. He was very hungry, an so he finds the 1st dessert very satisfying. The 2nd dessert is still very good, and the 3rd is ju good. By the time he finishes his 4th dessert, he is feeling full. He insists on eating the 5th dessert, and he starts to feel uncomfortable. Which of the following describe(s) his actions? a. The marginal utility from the 5th dessert is negative b. Diminishing marginal utility applies to his consuming the five desserts All of the answers are correct C. d. His total utility from consuming four desserts is higher than from consuming five

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.