Which of these is an example of the law of diminishing marginal utility?
A) Toddler Joey wants his mother to read him the same story over and over, and he is equally thrilled every time she reads it.
B) As the price of his favorite candy bar rises, Martin buys fewer and fewer candy bars.
C) Marta develops an allergy to milk. She drinks less of it each month as the allergy gets worse.
D) Julia eats three cookies. She takes 20 seconds to eat the first one, 1 minute to eat the second one, and 3 minutes to eat the third one.

Question

Quizplus · Accepted Answer

The law of diminishing marginal utility states that as a person consumes more of a product, the satisfaction (utility) gained from consuming each additional unit decreases. Julia taking progressively longer to eat each cookie suggests she is enjoying them less, which aligns with the law of diminishing marginal utility.

Which of These Is an Example of the Law of Diminishing