Increasing marginal cost of production explains: a. the law of demand. Because a monopolist is a price maker, it is typically said that he has? E) the qua. The Law of Diminishing Marginal Utility is an economic principle that states that as a consumer consumes more of a good or service, the marginal utility of each successive unit of the good or service will decrease. As a result of the adjustment to a new equilibrium, there is a (an) a. leftward shift of the supply curve. Understanding the Law of Diminishing Marginal Utility, Understanding Diminishing Marginal Utility, Examples of the Law of Diminishing Marginal Utility, Examples of the Law of Diminishing Marginal Utility in Business, Limitations of the Law of Diminishing Marginal Utility. ", North Dakota State University. What Does the Law of Diminishing Marginal Utility Explain? Microeconomics vs. Macroeconomics: Whats the Difference? b. The units being consumed are part of a collection or are rare objects. var links=w.document.getElementsByTagName("link");for(var i=0;i
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