📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Which goods are described by the law of diminishing

      marginal utility? 
      A Goods that increase in satisfaction with each additional unit consumed Correct Answer Incorrect Answer
      B Goods that provide less satisfaction with each additional unit consumed Correct Answer Incorrect Answer
      C Goods that exhibit increasing returns with more consumption Correct Answer Incorrect Answer
      D Goods that are unaffected by changes in consumption levels Correct Answer Incorrect Answer

      Solution

      The law of diminishing marginal utility states that as a person consumes more of a good, the additional satisfaction (utility) gained from each extra unit decreases.

      Practice Next
      More Economics Questions
      ask-question