Question

The law of diminishing marginal utility states that the: Multiple choice question. marginal utility associated with the consumption of a good or service becomes larger with each extra unit that is consumed in a given time period. marginal utility associated with the consumption of a good or service becomes smaller with each extra unit that is consumed in a given time period. total utility associated with the consumption of a good or service becomes smaller with each extra unit that is consumed in a given time period.

Answer 1

The law of diminishing marginal utility states that as more units of a good are consumed, the marginal utility from the consumption of the next unit becomes lesser. John's total utility from the consumption of two ice creams is 10, and his total utility from the consumption of three ice creams is 9.7.

What does the law of diminishing marginal utility State?

• According to the law of declining marginal utility, when consumption rises, the marginal utility gained from each extra unit decreases, all other things being equal.
• The incremental improvement in utility brought on by consuming one more unit is known as marginal utility.

Which law does the law of diminishing marginal utility affect?

• According to the law of diminishing marginal utility, a good or service's marginal utility decreases the more of it is used by a person.
• Consuming increasing quantities of a good gives economic actors less and less pleasure.

What is law of diminishing marginal returns?

• According to the law of declining marginal returns, increasing the number of production factors leads to lesser increases in output.
• The addition of any more of a production element after a certain level of capacity utilization would unavoidably result in lower per-unit incremental returns.

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