The law of diminishing marginal utility explains why
A)supply curves slope upward.
B)demand curves slope downward.
C)addicts can never get enough.
D)people will only consume their favorite goods and not try new things.

Question

Quizplus · Accepted Answer

The law of diminishing marginal utility states that as a person consumes more of a good, the additional satisfaction (utility) gained from consuming an additional unit of that good decreases. This principle helps explain why demand curves slope downward: as the quantity of a good consumed increases, the less a consumer is willing to pay for more of it, leading to a decrease in price for additional units.

The Law of Diminishing Marginal Utility Explains Why