(Law of Diminishing Marginal Utility) Complete each of the following sentences: a. your tastes determine the______________you derive from consuming a particular good. b. _________________utility is the change in ____________________ utility resulting from a(n) ______________ change in the consumption of a good. c. As long as marginal utility is positive, total utility is ______________ d. The law of diminishing marginal utility states that as an individual consumes more of a good during a given time period, other things constant, total utility ______________________

(Law of Diminishing Marginal Utility) Complete each of the following sentences: a. your tastes determine the______you derive from consuming a particular good. b. _utility is the change in utility resulting from a(n) change in the consumption of a good. c. As long as marginal utility is positive, total utility is d. The law of diminishing marginal utility states that as an individual consumes more of a good during a given time period, other things constant, total utility __________

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 1.2P

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