According to the law of diminishing returns,the longer we live,the more we will be willing to pay relatively more for medical care than for other goods and services.

Question

Quizplus · Accepted Answer

The law of diminishing returns states that as the quantity of a good or service consumed increases, the marginal utility gained from each additional unit consumed will eventually decrease. In the case of medical care, as people age and their health declines, their demand for medical care will increase and they will be willing to pay relatively more for it compared to other goods and services. This is because the marginal utility or benefit derived from medical care may be higher for them than for younger or healthier individuals. Therefore, the statement is true.

According to the Law of Diminishing Returns,the Longer We Live,the