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Why do economists prefer to speak of demands

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Why do economists prefer to speak of demands arising out of "wants" rather than "needs"?

Explain why economist considers the concept of utility useful, even if psychologists cannot measure it precisely.

Why does the law of diminishing marginal utility encourage people to spread their spending across many different types of goods?

Explain why a good or service that is offered at a monetary price of zero is unlikely to be a truly "free" good from an economic perspective. Hint like water or air

Give an example of a good that you have consumed for which your marginal utility decreased with the amount of if you consumed. ~ McDonald hamburgers are not allowed.

Reference no: EM132488475

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