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Economics
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The "law" of diminishing marginal utility implies that the (A) marginal utility of a good diminishes over time. (B) first unit of a good consumed will contribute most to the consumer's satisfaction (C) last unit of a good consumed will contribute most to the consumer's satisfaction. (D) total utility is negative. (E) total utility is constant as more units are consumed. Answer:

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Sixta Kovacek
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29 May 2018
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Related questions

13. In economics, the term marginal utility is defined as the a. change in total satisfaction caused by the consumption of an additional unit of the good. b. average utility of each unit of a good consumed. c. inverse of the measure of total utility. d. total satisfaction received from consumption of a good. e. price of the last unit consumed.

If the price of product X increases, then the resulting decline in the amount purchased will:
a. reduce the marginal utility of the last unit consumed of this good.
b. increase the marginal utility of the last unit consumed of this good.
c. necessarily increase the consumer's total utility from his total purchases.
d. increase the total utility from purchases of this good.

The statement ”As more of a good is consumed, the utility a person derives from each additional unit diminishes “ is known as the

  1. Water and diamond paradox
  2. Law of diminishing marginal utility
  3. Law of total utility
  4. Marginal utility to price ration equalization rule.

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