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The Statement "As More of a Good Is Consumed, the Utility

Question 186

Multiple Choice

The statement "as more of a good is consumed, the utility a person derives from each additional unit diminishes" is known as the:


A) water and diamond paradox.
B) law of diminishing marginal utility.
C) law of total utility.
D) marginal-utility-to-price ratio equalization rule.
E) law of diminishing demand.

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