According to the Principle of Diminishing Marginal Utility, as the Quantity

question 88

Multiple Choice

According to the principle of diminishing marginal utility, as the quantity of a good or service consumed increases, total utility

• A) increases.
• B) decreases.
• C) is unchanging.
• D) is zero.

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Definitions:

Sales Tax

A tax levied by a government on the sale of goods and services, collected by the retailer and passed on to the government.

Market Value

The existing cost for purchasing or selling an asset or service in the open market.

Property Taxes

Taxes assessed on real estate by the local government, based on the property's value.

Taxable Income

The amount of income on which the income tax is determined.