The Law of Diminishing Marginal Utility States That

Multiple Choice

The law of diminishing marginal utility states that

A) total utility is maximized when consumers obtain the same amount of utility per unit of each product consumed.
B) beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer.
C) price must be lowered to induce firms to supply more of a product.
D) it will take larger and larger amounts of resources beyond some point to produce successive units of a product.