The marginal utility of a good or service declines as one more unit is consumed because: (a) supply slopes upwards. (b) consumers are constrained by income. (c) of the law of diminishing marginal utility. (d) prices move with demand.

The marginal utility of a good or service declines as one more unit is consumed because: (a) supply slopes upwards. (b) consumers are constrained by income. (c) of the law of diminishing marginal utility. (d) prices move with demand.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 7SQP

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Question

Q.1.15 The marginal utility of a good or service declines as one more unit is consumed because:

(a) supply slopes upwards.
(b) consumers are constrained by income.

(d) prices move with demand.

Definition Definition Satisfaction derived from the consumption of an additional unit of any commodity.

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