The law of diminishing marginal utility suggests that:Question 12Select one:a.As an individual consumes more of a good, the additional utility associated with each additional unit of that good remains constant.b.As an individual consumes less of a good, the additional utility associated with each additional unit of that good decreases.c.As an individual consumes more of a good, the additional utility associated with each additional unit of that good increases.d.As an individual consumes more of a good, the additional utility associated with each additional unit of that good decreases.e.Consumer utility is a upward sloping curve.Clear my choice

The law of diminishing marginal utility states that, as extra units of a product are consumed within a given period of time, total utility

Diminishing marginal utility means total utility is:Multiple choice question.decreasing at a decreasing rate as long as marginal utility is positive.increasing at a decreasing rate as long as marginal utility is positive.decreasing at an increasing rate as long as marginal utility is positive.unchanged.

How does the law of diminishing marginal utility impact consumer behavior and choices in a market?

The Law of Diminishing ______ states that as consumers consume additional units of the same good or service in a given time period, their additional satisfaction with each additional unit will fall, often as early as the second unit.Price GainMarginal UtilityPrice ControlConsumer Confidence

Because of diminishing marginal utility, the benefit of consuming more of a good:Multiple choice question.falls with each additional unit, so the price consumers are willing and able to pay falls with increased consumption.falls with each additional unit, so the price consumers are willing and able to pay increases with increased consumption.increases with each additional unit, so the price consumers are willing and able to pay falls with increased consumption.increases with each additional unit, so the price consumers are willing and able to pay increases with increased consumption.