A key concept in economics is utility. Review the differences between utility, marginal utility, and diminishing marginal utility and respond to the following:

• Explain how diminishing marginal utility might cause consumers to switch from one good or service to another. Share an example of a time you made such a choice and explain your rationale as a consumer.
• 
  

Answer rating: 100% (QA)

Utility in economics refers to the satisfaction or pleasure derived from consuming goods and service... View the full answer