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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Use the law of diminishing marginal utility to explain why demand curves slope downward.

To determine

Explain the downward sloping of the law of demand due to the law of diminishing marginal utility.

Explanation

Generally, consumers try to equalize their maximum willing amount to pay for a good and the satisfaction or utility attained from that good. According to the law of diminishing marginal utility, consumers receive diminishing additional satisfaction as they ...

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