1. According to the law of diminishing marginal utility, which of the following choices is true? When marginal utility is decreasing, total utility will always decrease. Total satisfaction of a good or service decreases as more units are consumed. The additional satisfaction received from consuming extra units of a good or service decreases as consumption of the good or service increases. The additional satisfaction received from consuming extra units of a good or service increases as consumption of the good or service increases.

1. According to the law of diminishing marginal utility, which of the following choices is true? When marginal utility is decreasing, total utility will always decrease. Total satisfaction of a good or service decreases as more units are consumed. The additional satisfaction received from consuming extra units of a good or service decreases as consumption of the good or service increases. The additional satisfaction received from consuming extra units of a good or service increases as consumption of the good or service increases.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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