You decide to forgo a third slice of pizza and have a scoop of ice cream instead.This is an example of the economic concept of:
A) diminishing marginal utility.
B) altruism.
C) reciprocity.
D) selfishness.

Question

Quizplus · Accepted Answer

The economic concept at play here is diminishing marginal utility, which states that the satisfaction or usefulness of a good or service decreases as more of it is consumed. In this scenario, the individual likely experienced diminishing marginal utility from the second slice of pizza, leading them to choose a different option (ice cream) with a higher level of utility at that moment.

You Decide to Forgo a Third Slice of Pizza and Have