Asked by
Bryelle Thompson
on Dec 11, 2024Verified
"I'm tired of eating cold pizza for breakfast. Today I'm going to the make some oatmeal instead." This statement most clearly reflects the
A) law of increasing returns to scale.
B) second law of demand.
C) law of diminishing marginal utility.
D) law of comparative advantage.
Diminishing Marginal Utility
The principle that as a person consumes more of a good, the satisfaction gained from consuming an additional unit decreases.
Comparative Advantage
The ability to produce a good at a lower opportunity cost than others can produce it. Relative costs determine comparative advantage.
- Acknowledge the role of diminishing marginal utility in shaping consumer decisions.
Verified Answer
WF
Learning Objectives
- Acknowledge the role of diminishing marginal utility in shaping consumer decisions.