Multiple Choice
Diminishing marginal utility means that:
A) marginal utility is maximized when consumers get the same amount of total utility from every good they consume.
B) beyond some point, added units of a product provide lower and lower amounts of marginal utility.
C) a consumer would get more utility from the last unit of a good consumed when that good costs $3 than when it costs $1.
D) both (b) and (c) are true.
Correct Answer:
Verified
Correct Answer:
Verified
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