The Law of Diminishing Marginal Utility Implies It Is Possible

question 139

True/False

The law of diminishing marginal utility implies it is possible that the marginal utility of my tenth pistachio nut is less than the marginal utility of my third pistachio nut, other things constant.

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Definitions:

Technological Opportunities

The possibilities for technological innovation and development, often leading to new products, services, or processes.

Industry's Concentration

An indicator of how much a few companies control the overall output, sales, or market share within a sector.

Creative Destruction

The process through which new innovations lead to the demise of older technologies or industries, driving economic growth through continuous evolution.

Dominant Firms

Companies that hold a major portion of market share in their industry, influencing market conditions.