Which of the following best expresses the law of diminishing marginal utility?
A)The more of a product consumed, the smaller is the total utility from the product.
B)The less of a product consumed, the greater is the marginal utility of the product.
C)The more of a product consumed, the greater is the total utility from the product.
D)The less of a product consumed, the smaller is marginal utility of the product.

Question

Quizplus · Accepted Answer

The law of diminishing marginal utility states that as a person consumes more of a product, the incremental (or marginal) utility from consuming an additional unit of that product decreases. Option B correctly captures this concept by indicating that the less of a product is consumed, the greater the marginal utility of consuming an additional unit of that product will be.

Which of the Following Best Expresses the Law of Diminishing