The law of diminishing marginal utility applies to a
...The law of diminishing marginal utility applies to a
Firm which minimizes cost
Consumer who maximizes satisfaction
Producer who maximizes marginal product
Consumer who minimizes total utility
Correct answer is B
The law of diminishing marginal utility states that the marginal utility of a good or service declines as its consumption increases. This means that, as a consumer keeps consuming additional units of a commodity, the additional satisfaction derived will keep decreasing (goods become less valuable as you continue consuming more of it)
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