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Question
The second glass of lemonade gives lesser satisfaction to a thirsty boy. This is a clear case of ____________.
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Solution
The correct option is B law of diminishing utility
Law of diminishing marginal utility states that as consumption of a
product increases, the marginal utility derived from each additional unit
tends to decline. Thus, the second glass of lemonade gives lesser utility to a thirsty boy than the first glass.
Law of diminishing marginal utility states that as consumption of a product increases, the marginal utility derived from each additional unit tends to decline. Thus, the second glass of lemonade gives lesser utility to a thirsty boy than the first glass.
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