According to the law of diminishing marginal utility, marginal utility of a good declines as more of it isconsumed in a given timeperiod. According to this law, which of the following statement is true?a. The more I go to school, the more I want to do something elseb. Since we need gasoline more than we need paper, gasoline is more valuablec. Peas give me no satisfaction, so I won't buy anyd. The more coffee I drink, the more I want to drink

Law of diminishing marginal utility says that as more and more units of a good is consumed then…

ACcoralng to the law of diminishing marginal utility, marginal utility of a good declines as more of it consumed in a given time period. According to this law, which of the following statement is true? a. The more I go to school, the more Lwant:

ACcoralng to the law of diminishing marginal utility, marginal utility of a good declines as more of it consumed in a given time period. According to this law, which of the following statement is true? a. The more I go to school, the more Lwant:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

According to the law of diminishing marginal utility, marginal utility of a good declines as more of it is
consumed in a given time
period. According to this law, which of the following statement is true?
a. The more I go to school, the more I want to do something else
b. Since we need gasoline more than we need paper, gasoline is more valuable
c. Peas give me no satisfaction, so I won't buy any
d. The more coffee I drink, the more I want to drink

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