Which statement describes the Law of Diminishing Marginal Utility? Making choices requires trade-offs and opportunity cost because of limited resources. A maximum amount exists for a good or service that will be purchased at a given price. The total amount of a good or service that people consume decreases as price decreases. There is a decrease in satisfaction from each additional unit of a good or service consumed.

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10-06-2022
Business

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Which statement describes the Law of Diminishing Marginal Utility? Making choices requires trade-offs and opportunity cost because of limited resources. A maximum amount exists for a good or service that will be purchased at a given price. The total amount of a good or service that people consume decreases as price decreases. There is a decrease in satisfaction from each additional unit of a good or service consumed.

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-06-10T17:07:25+02:00

The statement that describes the Law of Diminishing Marginal Utility is D. There is a decrease in satisfaction from each additional unit of a good or service consumed.

What is marginal utility?

It should be noted that marginal utility simply means the extra satisfaction that's deduced based on an additional unit of good consumed.

In this case, the statement that describes the Law of Diminishing Marginal Utility is that there is a decrease in satisfaction from each additional unit of a good or service consumed.

Learn more about marginal utility on:

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goodboy61 goodboy61 · Answer 2 · 2022-08-18T22:14:26+02:00

goodboy61 goodboy61

18-08-2022

Answer:

i think its B: A maximum amount exists for a good or service that will be purchased at a given price.

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