Asked by Uzair Kamran on Sep 23, 2024
Its lunch time,you are hungry and would like to have some pizza.By the law of diminishing marginal value,
A) you would pay more for your first slice of pizza than your second
B) you would pay more for your second slice of pizza than your first
C) you would pay an equal amount of money for both the slices since they are identical
D) none of the above
Law of Diminishing Marginal Value
, also known as the Law of Diminishing Marginal Utility, states that as a person consumes more of a product, the satisfaction or utility from consuming each additional unit declines.
First Slice
The initial allocation or offering of a resource, opportunity, or product, indicating priority or privilege in its reception.
Second Slice
Implies a subsequent option or opportunity, often discussing additional choices available after an initial selection has been made.
- Articulate the idea of consumer surplus and its dependence on price variations.
Learning Objectives
- Articulate the idea of consumer surplus and its dependence on price variations.
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