The law of diminishing marginal utility can be stated as follows:
A) As the amount of a good consumed increases, the sum of satisfaction received tends to decrease.
B) As the amount of a good consumed increases, the additional satisfaction gained from consuming additional units tends to decrease.
C) As the amount of a good consumed decreases, the additional satisfaction gained from consuming additional units tends to increase.
D) As the amount of a good consumed increases, the sum of satisfaction received tends to increase but at a diminishing rate.
E) b and d
Correct Answer:
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