"As Consumption of a Good Increases, the Extra Satisfaction Received

question 246

Multiple Choice

"As consumption of a good increases, the extra satisfaction received from consuming an additional unit of the good decreases." This statement is known as the law of:

• A) demand.
• B) increasing costs.
• C) diminishing marginal utility.
• D) diminishing marginal returns.
• E) total utility.

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Definitions:

Precise Criterion

A specific and clear standard or principle used for judging, evaluating, or making decisions.

Sometimes

Occurring occasionally or at irregular intervals; not consistently or regularly.

Somewhere

An unspecified or indefinite place.

Antidisestablishmentarianism

The political stance against the withdrawal of state support from an established church, notably used in historical contexts such as 19th-century Britain.