LS14 - Diminishing Marginal Utility Flashcards by K C

Q

Diminishing Marginal Utility

A

As successive units of a good are consumed, the marginal utility or satisfaction gained from each extra unit falls

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Marginal Utility

A

The utility or satisfaction obtained from consuming one extra unit of a good or service

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

A

How well did you know this?

1

Not at all

2

3

4

5

Perfectly