In easy words, what is diminishing marginal utility?
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In a minimum of 250 Words, explain one personal, ORIGINAL example of diminishing marginal utility.
One principle of utility analysis is Diminishing Marginal Utility. Think about some things, goods, or services, you "consume"?
Does the principle of Diminishing Marginal Utility apply, or as you "consume" more of the good or service do you experience "increasing" marginal utility, or is Marginal Utility constant as you consume additional units?
Explain the good or service to your classmates and whether you experience Diminishing, Constant, or Increasing Marginal Utility. Discuss why you and your classmates experience this effect.
Ā
According to the utility model of consumer demand, the demand curve is downward sloping because of the law of
a. diminishing marginal utility.
b. diminishing consumer equilibrium.
c. consumer equilibrium.
d. diminishing utility maximization.