Which of the following statements about the law of diminishing marginal utility is correct?
A)As more of a given good is consumed,total utility rises at an increasing rate.
B)As more of a given good is consumed,marginal utility rises at an increasing rate.
C)As more of a given good is consumed beyond some level,the marginal utility associated with consumption of additional units tends to decline.
D)As more of a given good is consumed,total utility rises at a decreasing,then increasing rate.

Question

Quizplus · Accepted Answer

The law of diminishing marginal utility states that as more of a given good is consumed beyond some level, the marginal utility associated with consumption of additional units tends to decline. This means that the additional satisfaction or benefit gained from consuming each additional unit of the good decreases as more units are consumed.

Which of the Following Statements About the Law of Diminishing