Questions

1

Economists use the concept of marginal utility to measure happiness and pleasure and how that affects consumer decision making. They have also identified the law of diminishing marginal utility, which means that the first unit of consumption of a good or service has more utility than the next units of consumption.Hence, the marginal utility of the good diminishes as the amount of good consumed increases.

Axis powers, the coalition headed by Germany, Italy, and Japan that opposed the Allied powers in World War II.

The "Axis powers" formally took the name after the Tripartite Pact was signed by Germany, Italy, and Japan on 27 September 1940, in Berlin.

The pact was subsequently joined by Hungary (20 November 1940), Romania (23 November 1940), Slovakia (24 November 1940), and Bulgaria (1 March 1941) and these were the nations that fought in World War II against the Allied forces.