JAMB - Economics (2017 - No. 10)
The law of diminishing marginal utility states:
The supply curve slopes downward
Your utility grows at a slower and slower rate as you consume more and more unit of a good.
The elasticity of demand is infinite
None of the above
Forklaring
The law of diminishing marginal utility states that the Satisfaction derived from consuming successive units of a commodity will diminish as the total consumption of the commodity increases. In other words, the total utility increases as more of a commodity is consumed but increases at a diminishing rate.