Table I above illustrates the law of

Assessment: JAMB UTME - Economics - 2025 Subject: Economics

Question 1 Report

Table I above illustrates the law of

 

 

Answer Details

Table I above illustrates the law of diminishing marginal utility. The law of diminishing marginal utility states 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. In the table, as the units of quantity consumed increase, the marginal utility decreases.

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