The Law of Diminishing Marginal Benefit states that: A) the demand fo
The Law of Diminishing Marginal Benefit states that:
A) the demand for a commodity declines as its price increases.
B) the demand for a commodity is more dependent on income than on price.
C) the willingness to pay for an additional unit declines as more of a good is consumed.
D) lower levels of consumption give lower level of utility.
ANSWER
C
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