What is the explanation for diminishing marginal utility? Give an example of diminishing marginal utility.

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Economics An Introduction To Traditional And Progressive Views

ISBN: 9780765616685

7th Edition

Authors: Howard J. Sherman, E. K. Hunt, Reynold F. Nesiba, Phillip A. O'Hara, Barbara A. Wiens-Tuers

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Question Posted: Nov 08, 2023 09:01 PM

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Give an example of a good that you have consumed for which your marginal utility increased with the amount of it you consumed.
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What is the explanation for diminishing marginal utility? Give an example of diminishing marginal utility.

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Diminishing marginal utility is an economic principle that states that as you consume more of a good or service the marginal utility the additional sa...View the full answer

Economics An Introduction To Traditional And Progressive Views

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