JAMB Economics 2008 Objective — Question 12
Question 12 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2008 Objective paper, with the correct answer and a full explanation.
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Diminishing marginal utility implies that
- A. total utility decreases as consumption increases
- B. marginal utility increases as consumption increases
- C. marginal utility decreases as consumption increasesCorrect
- D. marginal utility decreases as consumption decreases
Explanation
The law of diminishing marginal utility states that marginal utility falls as additional units of a good are being consumed.
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