The table given below depicts the total utility derived from the consumption of a good.Table 7.1

-Marginal utility diminishes more quickly:
A)the less durable the good is.
B)the greater the number of consumers consuming the good.
C)the shorter the time period between two successive consumptions.
D)the greater the number of firms producing the good.
E)the cheaper the good is.

Question

The table given below depicts the total utility derived from the consumption of a good.Table 7.1
 
-Marginal utility diminishes more quickly:
A)the less durable the good is. 
B)the greater the number of consumers consuming the good. 
C)the shorter the time period between two successive consumptions. 
D)the greater the number of firms producing the good. 
E)the cheaper the good is.

Quizplus · Accepted Answer

The law of diminishing marginal utility states that as a consumer consumes more and more units of a good, the marginal utility derived from each additional unit decreases. However, marginal utility diminishes more quickly when the time period between two successive consumptions is shorter. This is because the consumer still has some satisfaction (utility) from the previous consumption, and therefore, the additional utility derived from the next unit is comparatively lower.

The Table Given Below Depicts the Total Utility Derived from the Consumption