How does the law of diminishing marginal utility relate to changing income?
A) The marginal benefit of an extra dollar of income rises as income rises.
B) The marginal benefit of an extra dollar of income falls as income rises.
C) The total utility gained from a small income is higher than the total utility gained from a high income.
D) The total utility gained from a high income is lower than the total utility gained from a low income.
Correct Answer:
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