The law of diminishing marginal utility states that Multiple Choice O total utility is maximized when consumers obtain the same amount of utility per unit of each product consumed. beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. price must be lowered to induce firms to supply more of a product. it will take larger and larger amounts of resources beyond some point to produce successive units of a product.

The law of diminishing marginal utility states that Multiple Choice O total utility is maximized when consumers obtain the same amount of utility per unit of each product consumed. beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. price must be lowered to induce firms to supply more of a product. it will take larger and larger amounts of resources beyond some point to produce successive units of a product.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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