• Econ Review chp 3-4
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  • Who identified the principle of diminishing marginal utility?
    The principle was identified by economists including William Stanley Jevons and others in the Marginalist revolution.
  • What does the principle of diminishing marginal utility state?
    People receive less additional satisfaction from each extra unit of a good or service consumed over a period of time.
  • What are the three functions of prices?
    Transmit information, provide incentives, redistribute income.
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