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- According to the law of diminishing
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Card 16 / 47: According to the law of diminishing marginal utility:
A)
marginal utility always falls with the extra consumption of a good.
B)
a consumer inevitably reaches a point where the additional satisfaction from consuming each additional unit of a good rises.
C)
a consumer inevitably reaches a point where he or she decreasingly values additional units of a good.
D)
utility is easily measured by dollar values.
E)
none of the above.
Answer:
C) a consumer inevitably reaches a point where he or she decreasingly values additional units of a good.
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Attribution:
Levy, Frank. 11.203 Microeconomics, Fall 2010. (MIT OpenCourseWare: Massachusetts Institute of Technology), http://ocw.mit.edu/courses/urban-studies-and-planning/11-203-microeconomics-fall-2010 (Accessed 13 Mar, 2014). License: Creative Commons BY-NC-SA
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