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25 Sep 2018
The Law of Diminishing Marginal Benefit states that:
a. the willingness to pay for an additional unit declines as more of a good is consumed
b. lower levels of consumption give a lower level of utility
c. the demand for a commodity declines as its price increases
d. the demand for a commodity is more dependent on income than on price
The Law of Diminishing Marginal Benefit states that:
a. the willingness to pay for an additional unit declines as more of a good is consumed
b. lower levels of consumption give a lower level of utility
c. the demand for a commodity declines as its price increases
d. the demand for a commodity is more dependent on income than on price
larryrambo777Lv10
19 Mar 2023
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2 Jun 2021
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Related textbook solutions
Related questions
The law of diminishing marginal utility (LODMU) states that:
| as more and more of a good is consumed, beyond a point marginal utility will increase at a decreasing rate |
| the quantity of a good demanded will rise as the price is lowered, holding all other factors constant |
| the demand for goodwill rise as the price is lowered, holding all other factors constant |
| if an individual increases consumption of one good, then consumption of other goods must decrease because the individual has a finite income and goods have positive prices |
| none of the above options are correct |
