Explain how diminishing marginal utility results in the need for consumers to make choices.
Instructions
Another key concept in economics is utility, as in all of the benefits that can be gained from consuming something. It is assumed that benefits typically decrease the more they are consumed. For example, someone may want a hot dog for lunch, but probably not two, and definitely not three; this is called diminishing marginal utility. For this discussion post, please respond to the following prompts.
Explain how diminishing marginal utility results in the need for consumers to make choices.
How does diminishing utility switch consumption from one good to another?
Make sure to include an example to illustrate your ideas.
If necessary, complete additional research to support your ideas on this topic.
Please be sure to validate opinions and ideas with citations and references in APA format.
Answer preview to explain how diminishing marginal utility results in the need for consumers to make choices.
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