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priyanka surve
on Nov 25, 2024

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A rational consumer will cease purchasing a product at that quantity where marginal utility begins to diminish.

Marginal Utility

This term refers to the additional satisfaction or utility gained by consuming one more unit of a good or service.

Rational Consumer

An economic theory assumption that consumers make purchasing decisions based on their rational outlook, available information, and self-interest to maximize utility.

  • Apprehend the essentiality of the law of diminishing marginal utility and its influence on consumer actions.
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CM
Casen MurrayNov 27, 2024
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