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28 Sep 2019
The law of diminishing marginal utility (LODMU) states that:
as more and more of a good is consumed, beyond a point marginal utility will increase at a decreasing rate
the quantity of a good demanded will rise as the price is lowered, holding all other factors constant
the demand for goodwill rise as the price is lowered, holding all other factors constant
if an individual increases consumption of one good, then consumption of other goods must decrease because the individual has a finite income and goods have positive prices
none of the above options are correct
The law of diminishing marginal utility (LODMU) states that:
| as more and more of a good is consumed, beyond a point marginal utility will increase at a decreasing rate |
| the quantity of a good demanded will rise as the price is lowered, holding all other factors constant |
| the demand for goodwill rise as the price is lowered, holding all other factors constant |
| if an individual increases consumption of one good, then consumption of other goods must decrease because the individual has a finite income and goods have positive prices |
| none of the above options are correct |
Chika IlonahLv10
28 Sep 2019
