Explain how the law of diminishing marginal utility is related to the

1.	Explain how the law of diminishing marginal utility is related to the law of demand (3marks)
Answer» Answer: The significance of the diminishing marginal utility of a GOOD for the theory of demand is that the quantity DEMANDED of a good rises as the PRICE falls and vice versa. Thus, it is because of the diminishing marginal utility that the demand CURVE slopes downward.

Explain how the law of diminishing marginal utility is related to the law of demand (3marks)

Answer»

Answer:

The significance of the diminishing marginal utility of a GOOD for the theory of demand is that the quantity DEMANDED of a good rises as the PRICE falls and vice versa. Thus, it is because of the diminishing marginal utility that the demand CURVE slopes downward.

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Explain how the law of diminishing marginal utility is related to the law of demand (3marks)​

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Explain how the law of diminishing marginal utility is related to the law of demand (3marks)