Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 7 - Consumer Choice: Utility Theory and Insights from Neuroscience - Exercises - 7.1 Traditional Consumer Choice: Utility Theory - Page 177: 1.4

Answer

increases at a decreasing rate negatively law of diminishing marginal utility

Work Step by Step

The law of diminishing marginal utility says that a consumer gets less satisfaction as more of the same good is obtained.
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