The concept of diminishing marginal utility means that an additional dollar of income will yield _____ marginal benefit compared to the previous dollar of extra income.

Question

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The law of diminishing marginal utility states that as a consumer consumes more and more units of a good, the additional utility that is received from each additional unit decreases. This means that the marginal benefit of an additional dollar of income will be less than the previous dollar, as the consumer's needs and desires are already partially fulfilled by the first dollar they received.

The Concept of Diminishing Marginal Utility Means That an Additional