When there is diminishing marginal utility of money, a person would prefer to be poor.

Name: When there is diminishing marginal utility of money, a person would prefer to be poor.
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Diminishing marginal utility of money means that each additional dollar has less utility or satisfaction for a person, but it does not imply a preference for poverty. People generally still prefer more money to less, even with diminishing utility, because having more money increases their ability to satisfy wants and needs.

When There Is Diminishing Marginal Utility of Money, a Person