Answered

Which of the following describes the law of diminishing marginal utility?

A. Personal preference based on how satisfied a person is with a product or service.
B. Measurement of how changing one variable affects other variables, decreasing demand.
C. Satisfaction with consumption of a product declines with each additional unit of the product that is consumed.
D. Loss of potential gain from choosing one alternative over another.



Answer :

GinnyAnswer

Final answer:

Diminishing marginal utility in economics explains the decrease in satisfaction as more units of a product are consumed.


Explanation:

Diminishing marginal utility is a concept in economics that explains how the satisfaction with consumption of a product declines with each additional unit of the product that is consumed. As more units are consumed, the additional utility derived from each unit decreases. For example, with each additional T-shirt José picks, the additional utility he gains diminishes.


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