What is marginal utility and what is the law of diminishing marginal utility?
What will be an ideal response?
Marginal utility is the change in total satisfaction a person receives from consuming one additional unit of a good or service. The law of diminishing marginal utility is the principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a given period of time.
Economics
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Which of the following could create a cost advantage for a monopoly?
A) better technology B) lower friction due to better organization C) standardization D) All of the above.
Economics
The industrial organization economics perspective assumes that the industry _____________ is the most important determinant of long-run profitability
a. Structure b. Conduct c. Performance d. None of the above
Economics