Which of the following sayings describes the concept of diminishing marginal utility?
A)time is money
B)penny wise and pound foolish
C)absence makes the heart grow fonder
D)a penny saved is a penny earned
E)a fool and his money are soon parted

Question

Quizplus · Accepted Answer

The saying "absence makes the heart grow fonder" describes the concept of diminishing marginal utility, which is the idea that as a person consumes more of a good or service, the satisfaction or utility they receive from each additional unit decreases. In this saying, the idea is that the longer someone is without something, the more they will desire it, but as they consume more of it, the utility they receive from each unit will decrease.

Which of the Following Sayings Describes the Concept of Diminishing