Diminishing Marginal Utility

Multiple Choice

Diminishing marginal utility

A) occurs when the additional utility for each good declines as consumption increases.
B) is the additional satisfaction derived from consuming one more unit of a good or service.
C) is the combination of goods and services that maximizes utility for a given income.
D) occurs when a consumer buys more of a good as a result of a relative price change.
E) occurs when there is a change in purchasing power as a result of a change in the price of a good.