Diminishing Marginal Utility Means That as More of a Good

question 16

Multiple Choice

Diminishing marginal utility means that as more of a good is consumed,

• A) the price of the good rises.
• B) the price of the good falls.
• C) more income is spent.
• D) the utility of an additional unit decreases.
• E) the consumption of some other good must diminish.

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Definitions:

Medieval Europe

A historical period in Europe lasting from the 5th to the late 15th century, characterized by feudalism, the manorial system, and the power of the Catholic Church.

Supernatural

Pertaining to phenomena or entities beyond or exceeding the natural world or scientific understanding, often involving belief in divine forces or entities.

Secularization Thesis

The theory that as societies progress, particularly through modernization and rationalization, the power and influence of religion diminish.

Science

The systematic study of the structure and behavior of the physical and natural world through observation and experiment.