Multiple Choice
A basic hypothesis of marginal utility theory is that the utility a consumer derives from successive units of a good diminishes as total consumption of the good increases. This hypothesis is known as
A) utility maximization.
B) the law of diminishing marginal utility.
C) the law of diminishing total utility.
D) the paradox of value.
E) the utility theory of demand.
Correct Answer:
Verified
Correct Answer:
Verified
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