WAEC Economics 2012 Objective — Question 15
Question 15 of 49 from the West African Examinations Council (WAEC) Economics 2012 Objective paper, with the correct answer and a full explanation.
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The law of diminishing marginal utility applies to a firm which minimizes cost or a consumer who
- A. maximizes satisfactionCorrect
- B. minimizes marginal product
- C. minimizes total utility
- D. maximizes marginal cost
Explanation
The law of diminishing marginal utility applies to a consumer who maximizes satisfaction.
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