The diminishing returns phenomenon is familiar to economists as diminishing

Question

Quizplus · Accepted Answer

The diminishing returns phenomenon refers to the point at which the satisfaction or usefulness obtained from a product or service decreases as more of it is consumed or used. This is also known as diminishing marginal utility, making option D the correct choice. Option A, objective well-being, is not directly related to the concept of diminishing returns. Option B, relative deprivation, refers to the perception of unfairness or inequality compared to others, and is not applicable in this scenario. Option C, general adaptation, refers to the tendency for individuals to return to a baseline level of happiness or satisfaction despite significant changes in life circumstances, which is related but not exactly the same as diminishing returns.

The Diminishing Returns Phenomenon Is Familiar to Economists as Diminishing