"The marginal utility received from each additional unit of a good consumed declines, other things constant." This is a statement of the law of
A)increasing marginal returns
B)marginal rate of substitution
C)supply
D)diminishing marginal utility
E)demand

Question

Quizplus · Accepted Answer

The statement describes the concept of diminishing marginal utility, where an individual experiences a decrease in satisfaction or usefulness from consuming each additional unit of a good, assuming all other variables remain constant.

"The Marginal Utility Received from Each Additional Unit of a Good