The law of diminishing marginal utility a. does not apply to luxury goods. asserts that you become worse off as you consume more.

Q47. The law of diminishing marginal utility

   a. does not apply to luxury goods.

   b. asserts that you become worse off as you consume more.

   c. explains why you buy more of one good as its price declines.

   d. does not apply to essentials, such as food and shelter.