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25-02-2020
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How does the law of diminishing marginal utility relate to law of demand?

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adenijiabey adenijiabey

25-02-2020

Answer:

Explanation:

The law of diminishing marginal utility helps to explain the negative slope of the demand curve and the law of demand.If the satisfaction obtained from a good declines, then buyers are willing to pay a lower price, hence demand price is inversely related to quantity demanded, which is the law of demand.

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