The Principle of Diminishing Marginal Utility States That

question 79

Multiple Choice

The principle of diminishing marginal utility states that:

• A) you don't enjoy consuming more of a good.
• B) you enjoy consuming more of a good if it is good.
• C) as you consume more of a good, you enjoy the additional units less than you did the previous units.
• D) as you consume more of a good, you enjoy the additional units more than you did the initial units.

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Definitions:

Native American Groups

Indigenous peoples in the United States, each with their own distinct cultures, histories, and governments before European colonization.

Trade

The act of buying, selling, or exchanging goods and services between people, states, or countries.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his works "The Wealth of Nations," which laid the foundations of classical free-market economic theory.

European Colonization

The process by which European powers occupied and controlled lands outside their continent, starting in the late 15th century, often resulting in significant cultural and economic changes.