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Which of the following statements best explains the concept of diminishing marginal utility?
Guaranteed
Promised with certainty or underwritten with a promise of payment or performance.
Defaulted
Refers to the failure to meet a legal obligation or agreement, especially failing to make required payments on a loan.
Personal Property Security Act
Legislation that governs the creation and registration of security interests in personal property, aside from real estate, to secure payment or performance of an obligation.
Legislation
Laws enacted by Parliament or legislatures; also known as statutes.
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