Its lunch time,you are hungry and would like to have some pizza.By the law of diminishing marginal value,
A)you would pay more for your first slice of pizza than your second
B)you would pay more for your second slice of pizza than your first
C)you would pay an equal amount of money for both the slices since they are identical
D)none of the above

Question

​Its lunch time,you are hungry and would like to have some pizza.By the law of diminishing marginal value,
A)​you would pay more for your first slice of pizza than your second
B)you would pay more for your second slice of pizza than your first
C)you would pay an equal amount of money for both the slices since they are identical
D)​none of the above

Quizplus · Accepted Answer

The law of diminishing marginal value suggests that the value or utility a person gets from consuming an additional unit of a good decreases with each additional unit consumed. Therefore, you would value (and theoretically be willing to pay more for) your first slice of pizza more than your second, because your hunger is most alleviated by the first slice.

​Its Lunch Time,you Are Hungry and Would Like to Have

Its Lunch Time,you Are Hungry and Would Like to Have