Multiple choice

The requirement is to describe the law of diminishing marginal utility. The law states that marginal utility declines as consumers acquire more of a particular good. The law of diminishing marginal utility states that ___________.

  1. marginal utility will decline as a consumer acquires additional units of a specific product

  2. total utility will decline as a consumer acquires additional units of a specific product

  3. declining utilities causes the demand curve to slope upwards

  4. consumers want will diminish with the passage of time

  5. none of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The law states that marginal utility declines as consumers acquire more of a particular good.

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