Ask Question
27 July, 23:20

Which of the following is likely to occur as the result of the law of diminishing marginal utility? A. Petra's utility from her second apple was Rachel's utility from her second granola bar. C. Wesley enjoyed his second bottle of iced tea < his first bottle, other things constant. D. Hudson enjoyed his second slice of pizza more than his first.

+2
Answers (1)
  1. 28 July, 00:18
    0
    The correct answer is option C.

    Explanation:

    The law of diminishing marginal utility means that keeping other things at constant the marginal utility derived from the consumption of a commodity goes on declining with each additional unit of the commodity.

    So, the marginal utility from the first unit will be highest, that from second unit will be lesser, that from third even lower and so on.

    In the examples given above, Wesly's case is most applicable to this.

    So, option C is the correct answer.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Which of the following is likely to occur as the result of the law of diminishing marginal utility? A. Petra's utility from her second ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers