b) Law of diminishing marginal utility
0.0(0)
Studied by 0 people
View linked note
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/3
There's no tags or description
Looks like no tags are added yet.
Last updated 9:16 PM on 2/11/26
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
4 Terms
1
New cards
define marginal utility
the utility gained from the consumption of one unit of a good or service
2
New cards
state how to calculate total utility
the sum of all marginal utilities
3
New cards
define the law of diminishing marginal utility
as additional units are consumed
→ utility gained from the next unit < utility gained from the previous unit
4
New cards
explain how the law of diminishing marginal utility shows why demand curves slope downwards
as additional units are purchased → price increases + marginal utility decreases
consumers will be less willing and able to purchase additional units
so lower prices increase the quantity demanded
Flashcards (39)