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Diminishing marginal utility means that as you consume more goods, other things constant, the

a. total satisfaction you obtain from consuming these good falls.

b. total amount produced begins to fall.

c. marginal product begins to fall.

d. additional satisfaction you obtain from each additional unit of the good falls.

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Mahe Alam
Mahe AlamLv10
28 Oct 2020
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Related questions

Which of the following defines marginal utility?
Ā 
(i) The total satisfaction received from consuming as much of the product that is available for consumption.
(ii) The change in total utility divided by the price of a product.
(iii) The maximum amount of satisfaction from consuming a product.
(iv) The additional satisfaction received from consuming one more unit of a product.

Ā 

Marginal utility is defined as the

a. extra satisfaction the consumer receives from an extra $1 of income.

b. total level of satisfaction a consumer receives upon the consumption of a certain number of goods.

c. number of hours a consumer would be willing to work to receive a certain product.

d. extra satisfaction a person derives from consuming an additional unit of a good.

The "law" of diminishing marginal utility implies that the (A) marginal utility of a good diminishes over time. (B) first unit of a good consumed will contribute most to the consumer's satisfaction (C) last unit of a good consumed will contribute most to the consumer's satisfaction. (D) total utility is negative. (E) total utility is constant as more units are consumed. Answer:

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