State the general utility formula. Define marginal utility. Explain the law of diminishing marginal utility. What is a consumer surplus?

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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.

purplegnat968

2) The fact that your fourth slice of pizza does not generate as much satisfaction as your third slice is an example of A) diminishing total utility. B) the law of demand. consumer surplus. D) the paradox of value. E) diminishing marginal utility.

19) The fact that your fourth slice of pizza does not generate as much satisfaction as your third slice is an example of A) diminishing total utility. B) consumer surplus. C) the paradox of value. D) diminishing marginal utility. E) the law of demand.

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State the general utility formula. Define marginal utility. Explain the law of diminishing marginal utility. What is a consumer surplus?

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