Diminishing Marginal Utility

question 40

Multiple Choice

Diminishing marginal utility

• A) occurs when the additional utility for each good declines as consumption increases.
• B) is the additional satisfaction derived from consuming one more unit of a good or service.
• C) is the combination of goods and services that maximizes utility for a given income.
• D) occurs when a consumer buys more of a good as a result of a relative price change.
• E) occurs when there is a change in purchasing power as a result of a change in the price of a good.

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Definitions:

Time

A continuous, irreversible progression through past, present, and future, serving as a fundamental dimension in which events occur sequentially.

Restless Legs Syndrome

A disorder characterized by an uncontrollable urge to move the legs, usually because of an uncomfortable sensation, typically occurring in the evening or night.

Men

Refers to adult human males, often studied in various contexts including health, behavior, and societal roles.

Women

Female human adults, also referring to gender issues, rights, and contributions in societal, economic, and cultural contexts.