Which of the following statements about the marginal utility of wealth is accurate?

Question

Quizplus · Accepted Answer

The statement that the marginal utility of wealth is high when a person is poor and diminishes as wealth increases is accurate according to the principle of diminishing marginal utility. This principle states that the more a person has of a good or service, the less additional benefit or utility they receive from each additional unit of that good or service. Therefore, as a person becomes wealthier, each additional dollar they receive has less value or utility to them, leading to the diminishing of the marginal utility of wealth.

Which of the Following Statements About the Marginal Utility of Wealth