True or false? Total utility always decreases when diminishing marginal utility is present.
Question:
True or false? Total utility always decreases when diminishing marginal utility is present.
Total utility:
Total utility refers to a term that is used in economics to refer to the total level of contentment that a consumer receives for consuming specific goods and services. When consumer utility is high, the contentment of the consumer increases; thus, increasing consumer commitments.
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View this answer- The above statement is true.
Diminishing marginal utility refers to a concept in economics, which describes a point in economics where consumers...
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Marginal Utility | Formula, Calculation & Examples
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Chapter 3 / Lesson 10
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Learn about marginal utility and how it is calculated. Explore the basics of marginal utility, the marginal utility equation, and how it is applicable in economics.
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