question 1\nthe law of diminishing marginal utility suggests that:\nquantity demanded increases with the…

question 1\nthe law of diminishing marginal utility suggests that:\nquantity demanded increases with the price.\nas marginal utility decreases, the willingness to pay increases.\npeople will substitute lower - priced goods for more expensive goods, ceteris paribus.\npeople are willing to buy additional quantities of a good only if its price falls.

question 1\nthe law of diminishing marginal utility suggests that:\nquantity demanded increases with the price.\nas marginal utility decreases, the willingness to pay increases.\npeople will substitute lower - priced goods for more expensive goods, ceteris paribus.\npeople are willing to buy additional quantities of a good only if its price falls.

Answer

Brief Explanations:

The law of diminishing marginal utility states that as a consumer consumes more of a good, the marginal utility (additional satisfaction) from each additional unit decreases. As marginal utility falls, consumers are only willing to buy more if the price decreases to match the lower - perceived value.

Answer:

People are willing to buy additional quantities of a good only if its price falls.