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MARGINAL UTILITY AND DEMAND: An explanation of the law of demand and the negatively-sloped demand curve can be found in the analysis of marginal utility and especially the law of diminishing marginal utility. This explanation rests on two propositions. One, the law of diminishing marginal utility means that the marginal utility obtained from consuming a good declines as the quantity consumed increases. Two, the marginal utility of a good underlies the demand price that buyers are willing and able to pay for a good. When combined, these two propositions indicate that the demand price buyers are willing and able to pay for a good declines as the quantity demanded (and consumed) increases. And this is the law of demand.

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CATO INSTITUTE: A public policy research foundation that contributes to the public policy debate inspired by the principles of limited government, individual liberty, free markets, and peace. The Institute is named for Cato's Letters, which are 144 libertarian essays written by John Trenchard and Thomas Gordon and first published from 1720 to 1723, condemning tyranny and advancing principles of liberty. These two Englishmen were inspired by Cato the Younger (95-46 B.C.) a Roman statesman who had of the reputation for honesty and incorruptibility in ancient times. The Cato Institute is a non-profit organization founded in 1977 by Edward H. Crane and is headquartered in Washington, D.C.

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INEFFICIENT

The state of resource allocation that exists when the highest level of consumer satisfaction is not achieved from available resources. This state occurs in market exchanges if the price buyers are willing and able to pay for a good does not reflect the satisfaction everyone obtains from the consuming the good or if the price sellers need to charge for a good does not reflect all opportunity cost of producing the good.

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Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for malfunctioning pocket calculators.
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