Which statement(s) below CORRECTLY explain the relationship between utility and demand? 1. Demand is downward sloping du

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Which statement(s) below CORRECTLY explain the relationship between utility and demand? 1. Demand is downward sloping du

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Which statement(s) below CORRECTLY explain the relationship between utility and demand? 1. Demand is downward sloping due to diminishing marginal utility. 2. Diminishing marginal utility explains why a consumer is willing to pay less for each additional unit of a good. 3. Demand depends on prices and quantities. Utility is not really a factor unless demand is elastic. a. statements 1 and 2 (not 3) O b. statements 1 and 3 (not 2) О с. statements 1, 2, and 3 (all are correct) O d. statements 2 and 3 (not 1)
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