Question : According to the law of diminishing marginal utility, as a consumer consumes more of a good:

Option 1: The total utility derived from the good increases at a decreasing rate.

Option 2: The marginal utility derived from the good increases at a decreasing rate.

Option 3: The total utility derived from the good decreases at a decreasing rate.

Option 4: The marginal utility derived from the good decreases at a decreasing rate.

Question : According to the law of diminishing marginal utility, as a consumer consumes more of a good:

Option 1: The total utility derived from the good increases at a decreasing rate.

Option 2: The marginal utility derived from the good increases at a decreasing rate.

Option 3: The total utility derived from the good decreases at a decreasing rate.

Option 4: The marginal utility derived from the good decreases at a decreasing rate.

Question : According to the law of diminishing marginal utility, as a consumer consumes more of a good:

Option 1: The total utility derived from the good increases at a decreasing rate.

Option 2: The marginal utility derived from the good increases at a decreasing rate.

Option 3: The total utility derived from the good decreases at a decreasing rate.

Option 4: The marginal utility derived from the good decreases at a decreasing rate.

Question : The law of diminishing marginal utility states that:

Option 1: Marginal utility increases as consumption increases

Option 2: Total utility decreases as consumption increases

Option 3: Marginal utility decreases as consumption increases

Option 4: Total utility remains constant as consumption increases

Question : Statement 1: Marginal utility is the additional satisfaction derived from consuming one additional unit of a good.

Statement 2: The law of diminishing marginal utility states that as a consumer consumes more of a good, the additional satisfaction derived from each additional unit decreases.

Option 1: Statement 1 is true, and statement 2 is false.

Option 2: Statement 1 is false, and statement 2 is true.

Option 3: Both statement 1 and statement 2 are true.

Option 4: Both statement 1 and statement 2 are false.