The Law of Diminishing Marginal Utility states that as additional units of an item are consumed:
A) the total satisfaction from consuming that item falls.
B) individuals are willing to pay a higher price for the item.
C) each successive unit consumed adds more to total utility than was added by the previous units consumed.
D) beyond some point, each successive unit consumed adds less to total utility than was added by the previous unit consumed.
Correct Answer:
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Q21: According to the Law of Diminishing Marginal
Q22: On the basis of the following table
Q23: Given the table below, diminishing marginal utility
Q24: Given the table below, diminishing marginal utility
Q25: Diminishing marginal utility is the decrease in:
A)
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