Which of the following is descriptive of the law of diminishing marginal utility?
A)The third hamburger consumed provides less utility than the second hamburger consumed.
B)The third hamburger is priced higher than the first hamburger.
C)As price falls, quantity demanded rises, ceteris paribus .
D)The price of a good rises as the costs of producing that good rise.

Question

Quizplus · Accepted Answer

The law of diminishing marginal utility states that as a person consumes more and more units of a good or service, the additional satisfaction or utility from each additional unit eventually decreases. This means that the third hamburger will provide less utility than the second hamburger consumed, and so on for subsequent units consumed.

Which of the Following Is Descriptive of the Law of Diminishing