Which of the following is true?
A) The law of diminishing marginal utility is seldom verified in economic analysis.
B) The law of diminishing marginal utility is never verified in economic analysis.
C) The law of diminishing marginal utility has been proven to be true in economic analysis.
D) The law of diminishing marginal utility has never been proven true, but it is verified by economists as consistent with the analysis of real-world demand.

Question

Quizplus · Accepted Answer

The law of diminishing marginal utility has not been scientifically proven, but it is widely accepted by economists as consistent with the analysis of real-world demand. This means that while economists cannot prove that the law is true, they find it helpful and relevant to their analyses of consumer behavior and demand. Therefore, option D is the correct choice.

Which of the Following Is True