ow does the law of diminishing marginal utility relate to changing income? Select one: a. The marginal benefit of an extra dollar of income rises as income rises. b. The marginal benefit of an extra dollar of income falls as income rises. c. The total utility gained from a small income is higher than the total utility gained from a high income. d. The total utility gained from a high income is higher than the total utility gained from a low income.
ow does the law of diminishing marginal utility relate to changing income? Select one: a. The marginal benefit of an extra dollar of income rises as income rises. b. The marginal benefit of an extra dollar of income falls as income rises. c. The total utility gained from a small income is higher than the total utility gained from a high income. d. The total utility gained from a high income is higher than the total utility gained from a low income.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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How does the law of diminishing marginal utility relate to changing income?
Select one:
a. The marginal benefit of an extra dollar of income rises as income rises.
b. The marginal benefit of an extra dollar of income falls as income rises.
c. The total utility gained from a small income is higher than the total utility gained from a high income.
d. The total utility gained from a high income is higher than the total utility gained from a low income.
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