Asked by
Laila sikandar
on Nov 04, 2024
Verified
The law of diminishing marginal utility is in effect when marginal utility is
A) positive and increasing.
B) positive and decreasing.
C) initially zero and then increasing.
D) initially zero and then decreasing.
Diminishing Marginal Utility
The principle that the utility or satisfaction gained by consuming each additional unit of a good or service decreases as more of that good or service is consumed.
- Grasp the essence of diminishing marginal utility and its effects on consumer preferences and choices.
Verified Answer
JC
Learning Objectives
- Grasp the essence of diminishing marginal utility and its effects on consumer preferences and choices.