Table 1 Units of quantity consumed Total utility Marginal utility 0 - - 1 10 10 2 15 5 3 17 2 4 18 1 5 18 0 The table above illustrates the law of?

The table above illustrates the law of?

Answer Details

The table above illustrates the law of diminishing marginal utility. According to this law, as we consume more and more units of a product, the additional satisfaction or utility that we get from consuming each additional unit will start to decrease. In other words, the marginal utility of each additional unit consumed will diminish. Looking at the table, we can see that as the quantity consumed increases, the total utility increases as well, but at a decreasing rate. Additionally, we can see that the marginal utility starts to decline after the second unit is consumed. For example, the first unit consumed gives a marginal utility of 10, the second unit gives a marginal utility of 5, and the third unit gives a marginal utility of only 2. This shows that the additional satisfaction gained from each unit consumed is decreasing. Therefore, the answer is "diminishing marginal utility."