The law of diminishing marginal utility
1. refers to the decrease in total satisfaction as more units of the good are consumed
2. refers to the fall in additional satisfaction created by consumption of more and more units of a good
3. refers to the idea that total utility is negative

Oceanside marine company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. oceanside uses standard costs to prepare its flexible budget. for the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: direct materials: 2 pound per unit; $ 11 per pound direct labor: 2 hours per unit; $ 19 per hour oceanside produced 2 comma 000 units during the quarter. at the end of the quarter, an examination of the direct materials records showed that the company used 7 comma 500 pounds of direct materials and actual total materials costs were $ 98 comma 100. what is the direct materials cost variance? (round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)

Amarket that consists of all possible consumers regardless of their specific needs or wants is a

Money from an allowance or job is known as .