According to the law of diminishing marginal utility, what happens as we consume more of a good is that the utility from additional units becomes smaller.
Added by Timothy J.
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Step 1: The law of diminishing marginal utility states that as a person consumes more of a good or service, the additional satisfaction or utility derived from each additional unit decreases. Show more…
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Assertion (A): Consumer is willing to sacrifice less and less units of a good to gain an additional unit of the other good. Reason (R): The utility that he gets from consuming an additional unit of a good goes on diminishing.
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