The law of diminishing marginal utility means that total utility must fall as more units of a good are consumed.
Correct Answer:
Verified
Q26: Kylie spends her income of $150 per
Q34: What is the law of diminishing marginal
Q35: What is meant by utility?
Q66: Q68: Comment on the following statement: "Diminishing marginal Q69: If marginal utility is positive,consuming an additional Q72: Mike is a college student who works Q73: If marginal utility is negative,consuming an additional Q74: Total utility is the additional satisfaction received Q75: Susie receives an allowance from her parents
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents