The Law of Diminishing Marginal Utility Explains

question 38

Multiple Choice

The Law of Diminishing Marginal Utility explains:

• A) why we consume a variety of food
• B) why there are automatic checkout lanes at a grocery dtore
• C) why more is preferred to less
• D) scarcity

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Definitions:

Tort Liability

Legal responsibility arising from civil wrongs not arising out of contractual obligations, resulting in harm or injury to another.

Principal

The main party to a transaction, agreement, or contract, often responsible for fulfilling the obligations set within.

Third Persons

Individuals who are not a direct party to a legal agreement or transaction but may be affected by it or have certain rights or obligations related to it.

Consideration

Something of value exchanged between parties in a contract, making the agreement binding and legally enforceable.