Post Utme Redeemers University 2024 Economics Question 20

Practice objective / multiple choice question 20 from the 2024 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2024 Economics Objective / Multiple Choice
Question 20 POST_UTME_REDEEMERS_UNIVERSITY • 2024 • ECONOMICS • objective

The concept of utility in economics refers to the satisfaction or pleasure derived from consuming a product. What is the law of diminishing marginal utility?

Answer Options

A. The more a person consumes, the more utility they derive
Correct Answer B. The more a person consumes, the less utility they derive
C. The more a person consumes, the same utility they derive
D. The more a person consumes, the more utility they derive at a decrea\sing rate
Correct Answer
B
Correct Option:
The more a person consumes, the less utility they derive

About This Question

This is Post Utme Redeemers University 2024 Economics Question 20. It is one of the objective questions from the 2024 Post Utme Redeemers University Economics examination.

View More Post Utme Redeemers University 2024 Economics Questions More Post Utme Redeemers University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support