Which statement best illustrates the concept of diminishing marginal utility? a. if the price of hamburger declines, there will be a change in consumer tastes in favor of hamburgerb. a typical consumer will receive less satisfaction from consuming hamburgers than from consuming pork c. a typical consumer will receive less satisfaction from consuming the fourth hamburger per week than the third hamburger per week d. a decrease in the price of hamburger will cause consumers to buy more hamburger because they have, in effect, received an increase in income

The correct answer is C) A typical consumer will receive less satisfaction from consuming the fourth hamburger than the third per week

Explanation:

The law of diminishing marginal utility states that the more you consume of a specific good or service, the less satisfaction it provides to you. If applies for anything. You may like pizzas a lot, but if you eat one large pizza everyday in a week, you will probably grow tired of it by saturday. This last point refers precisely to the fact that the marginal utily might not only decrease, but also become zero or negative. If the marginal utility is negative, it means that the good or service not only no longer satisfies you, but also harms you or makes you feel bad.

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