"I'm tired of eating muffins for breakfast.Today I am trying a bagel." This statement most clearly reflects the:
A) ceteris paribus condition.
B) the law of supply.
C) law of diminishing marginal utility.
D) law of comparative advantage.

Question

Quizplus · Accepted Answer

The statement reflects the concept of diminishing marginal utility, where the satisfaction one derives from consuming a good or service decreases with each additional unit consumed. In this case, the individual is tired of eating muffins every day, indicating that their marginal utility for muffins has decreased. They are now trying a bagel to experience a higher level of satisfaction, indicating that the marginal utility for bagels is currently higher for them than that of muffins.

"I'm Tired of Eating Muffins for Breakfast