According to the law of diminishing marginal utility _______________.

as the price of a given product rises, the added benefit eventually diminishes

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as the consumption of a given product rises, the added benefit eventually diminishes

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as the production cost for a given product rises, the added benefit eventually diminishes

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the demand curve for some product is upward-sloping

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Solution

The correct option is B as the consumption of a given product rises, the added benefit eventually diminishes
Law of diminishing marginal utility is based on psychological law that as more and more units of a commodity is consumed, marginal utility derived from every successive unit will decline in respect to all goods with a few exception.

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