The Law of Diminishing Marginal Utility Is Consistent with the Consumer

question 148

True/False

The law of diminishing marginal utility is consistent with the consumer behavior that produces a negatively sloped demand curve.

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Definitions:

Liable

Legally responsible for one’s actions or an outcome, often involving a duty to compensate for harm or damage.

Duty

A moral or legal obligation; the responsibility to fulfill tasks, obligations, or roles as required by the law or social norms.

Conduct

Behavior or actions of an individual or organization, especially in relation to legal, ethical, or professional standards.

Common Law

A body of unwritten laws based on legal precedents established by the courts.