The Law of Diminishing Marginal Utility Explains Why an Individual's

question 121

True/False

The law of diminishing marginal utility explains why an individual's demand curve is elastic.

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Definitions:

Growth Motivation

The desire to achieve personal development and self-improvement, beyond basic needs or external rewards.

Self-Actualization

The materialization or realization of someone's talents and potential, perceived as a fundamental drive or need within everyone.

Rogers and Maslow

Carl Rogers and Abraham Maslow are prominent figures in humanistic psychology, emphasizing individual potential, self-actualization, and the importance of personal growth and fulfillment.

Situational Factors

External influences that affect an individual's behavior, decision-making process, and overall performance in different contexts.