Examlex
With which of the following statements would a biologist be most inclined to agree?
Money Income
The total amount of monetary earnings received by an individual or household over a certain period of time, before taxes and deductions.
Law of Diminishing Marginal Utility
The economic principle that states as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
Total Utility
The total satisfaction or benefit derived from consuming a particular quantity of goods or services.
Law of Diminishing Marginal Utility
An economic principle that states the additional satisfaction a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased.
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