Which of the following illustrates the law of diminishing marginal utility?
a. The marginal utility of Diane's second Coke is greater than the marginal utility of her third pretzel, other things constant.
b. The marginal utility of Diane's second Coke is greater than the marginal utility of Ken's third pretzel, other things constant.
c. The marginal utility of Diane's second Coke is greater than the marginal utility of her third Coke, other things constant.
d. The total utility of one Coke is greater than the total utility of two Cokes, other things constant.
e. The marginal utility of Diane's second Coke is greater than the marginal utility of Ken's third Coke, other things constant.
Question 2
Diminishing marginal utility means that
a. as you consume more of a good, other things constant, the total satisfaction you obtain from consuming this good tends to fall
b. as you hire more labor, other things constant, the total amount produced begins to fall
c. as you hire more labor, other things constant, the marginal product begins to fall
d. as you consume more of a good, other things constant, the additional satisfaction you obtain from each additional unit of the good tends to fall
e. as you consume more of a good, other things constant, the extra satisfaction you obtain from each extra good becomes negative
A graphical representation of the marginal value theorem.
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