Econ 4th Edition by William McEachern

Exercise 2

LAW OF DIMINISHING MARGINAL UTILITY Complete each of the following sentences:
a. Your tastes determine the _______ you derive from consuming a particular good.
b. _______ utility is the change in _______ utility resulting from a _______ change in the consumption of a good.
c. As long as marginal utility is positive, total utility is _______.
d. The law of diminishing marginal utility states that as an individual consumes more of a good during a given time period, other things constant, total utility _____.