Economy, asked by kikimkili3, 2 months ago

Explain how the law of diminishing marginal utility is related to the law of demand (3marks)

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Answered by manjotdevgun

Answer:

The significance of the diminishing marginal utility of a good for the theory of demand is that the quantity demanded of a good rises as the price falls and vice versa. Thus, it is because of the diminishing marginal utility that the demand curve slopes downward.

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