According to the law of diminishing marginal utility:
A) Total utility from consuming a good always rises.
B) Total utility from consuming one more unit of a good eventually falls.
C) Marginal utility of a good declines as more of it is consumed in a given time period.
D) Marginal product of labor declines as more of a variable input is useD.

Question

Quizplus · Accepted Answer

The law of diminishing marginal utility states that as a person consumes more of a good within a given time period, the additional (marginal) satisfaction or utility that person gains from consuming an additional unit of the good decreases.

According to the Law of Diminishing Marginal Utility