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Which of the following most clearly illustrates the law of diminishing marginal utility?
the additional satisfaction from consuming a good falls as more of the good is consumed
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Choose which economic rule states that the additional satisfaction people get from consuming one more unit of a product will lessen with each additional unit they consume… – real income effect – substitution effect – law of diminishing marginal utility – law of demand
law of diminishing marginal utility
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If, when you consume another piece of candy, your marginal utility is zero, then a. you want more candy b. you have maximized your total utility from consuming candy c. you have not yet reached the point of diminishing marginal utility d. you should consume less candy
b. you have maximized your total utility from consuming candy
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The law of diminishing marginal utility states that:
beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer.
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The law of diminishing marginal utility states that
the extra satisfaction from consuming a good decreases as more of a good is consumed, other things constant.
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the principal of diminishing marginal utility
refers to the tendency of marginal utility to decline as the amount of consumption of a good or service increases
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The principle that “as more of a good is consumed, its extra benefit declines” is known as A. the law of demand. B. the law of comparative advantage. C. the law of diminishing marginal product. D. the law of diminishing marginal utility.
D. the law of diminishing marginal utility.
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Law of Diminishing Marginal Utility
as the price decreases, the quantity demand increases, to a certain point. After that, each addition item is no longer useful
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If, as a person consumers more and more of a good, each additional unit adds less satisfaction than the previous unit consumed, we are seeing the workings of a. the law of demand b. the law of supply c. the law of increasing marginal opportunity cost d. the law of diminishing marginal utility
d. the law of diminishing marginal utility
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What is diminishing marginal utility (law of demand)?
as more units of a product are consumed, the satisfaction received from consuming each additional unit declines – explains why demand for a product is not limitless (oreos)
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