11) statement applicable
regarding marginal utility of
money
a) never
becomes zero b) increase
when the stock of money
increases c) it is more to poor
people than to rich people d) it
is zero for inferior goods
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The law of diminishing marginal utility explains that as a person consumes an item or a product, the satisfaction or utility that they derive from the product wanes as they consume more and more of that product. For example, an individual might buy a certain type of chocolate for a while. Soon, they may buy less and choose another type of chocolate or buy cookies instead because the satisfaction they were initially getting from the chocolate is diminishing.
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