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How does diminishing marginal utility affect demand
Chapter 0, Problem 4(choose chapter or problem)
QUESTION:
How does diminishing marginal utility affect demand?
Questions & Answers
QUESTION:
How does diminishing marginal utility affect demand?
ANSWER:Step 1 of 3
Diminishing marginal utility has a significant impact on demand. It refers to the concept that as individuals consume more units of a good or service, the additional satisfaction or utility they derive from each additional unit decreases.