The Law of Diminishing Marginal Utility

question 21

Multiple Choice

The law of diminishing marginal utility

• A)is valid only after basic necessities (such as food and shelter)have been obtained
• B)says that marginal utility decreases as more of a good is consumed
• C)implies that spending on a good will decrease as more of that good is consumed
• D)says that marginal utility decreases as income increases
• E)implies that spending on a good decreases as income increases

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Definitions:

Personality

A set of enduring behaviors, cognitions, and emotional patterns that emerge from biological and environmental factors.

Experimental Psychologist

A scientist who studies the mind and behavior through controlled laboratory experiments.

APA Code

The ethical guidelines and standards established by the American Psychological Association to govern the professional conduct of psychologists.

Minimize Discomfort

Strategies or approaches taken to reduce physical or psychological unease.