Economists refer to this pattern, the ___________________________________, which means that as a person receives more of a good, the additional or marginal utility from each additional unit of the good declines.
A) law of trade-offs
B) law of diminishing marginal utility
C) production possibilities frontier
D) law of increasing marginal utility

Question

Quizplus · Accepted Answer

The correct term is the "law of diminishing marginal utility," which states that as a person consumes more units of a good, the satisfaction (utility) gained from consuming each additional unit decreases.

Economists Refer to This Pattern, the ___________________________________, Which Means That