AS Paper 1, June 2016Introduction to Markets and Market Failure

AS Paper 1, June 2016, Q4(a)

With reference to the statement above explain what is meant by ‘diminishing marginal utility’.

Short answerExplain3 marks

Context

A restaurant in London offers an “all you can eat buffet for £8.99”. At this price you can refill your plate as many times as you like.

Specification topics

Demand

Revision notes

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