Which of the Following Statements Best Explains the Concept of Diminishing

question 88

Multiple Choice

Which of the following statements best explains the concept of diminishing marginal utility?

• A)As I consume additional ice cream cones, each ice cream cone adds more to my total happiness than the previous one.
• B)I must consume ice cream cones until I have a stomach ache.
• C)As I consume additional ice cream cones, each ice cream cone adds less to my total happiness than the previous one.
• D)I must maximize my consumption of ice cream cones.

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Definitions:

Average Number

The arithmetic mean, calculated as the sum of all values in a set divided by the number of values in the set.

Event Occurs

Indicates the happening of a specific condition or outcome within a statistical experiment.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values; a low standard deviation indicates that the values are close to the mean.

Poisson Distribution

A probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space.