"Diminishing marginal benefit" implies that when Sally consumes one fewer unit of a good that she likes, her
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Solution 1
The term "diminishing marginal benefit" refers to the principle that as a person increases consumption of a product, while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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