The law of diminishing marginal utility implies that... a. Total utility is constant as more units are consumed. b. The first unit of a good consumed contributes the most to the consumer's satisfaction. c. The last unit of a good consumed contributes the most to the consumer's satisfaction. d. The marginal utility of a good diminishes as the consumer earns more income. e. Total utility is negative.
The law of diminishing marginal utility implies that... a. Total utility is constant as more units are consumed. b. The first unit of a good consumed contributes the most to the consumer's satisfaction. c. The last unit of a good consumed contributes the most to the consumer's satisfaction. d. The marginal utility of a good diminishes as the consumer earns more income. e. Total utility is negative.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 2QFR
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Q31
The law of diminishing marginal utility implies that...
a.
Total utility is constant as more units are consumed.
b.
The first unit of a good consumed contributes the most to the consumer's satisfaction.
c.
The last unit of a good consumed contributes the most to the consumer's satisfaction.
d.
The marginal utility of a good diminishes as the consumer earns more income.
e.
Total utility is negative.
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