A consumer's demand curve for a product is downsloping because:.a. total utility falls below marginal utility as more of a product is consumed. b. time becomes less valuable as more of a product is consumed. c. marginal utility diminishes as more of a product is consumed. d. the income and substitution effects precisely offset each other.
c. marginal utility diminishes as more of a product is consumed.
The law of diminishing marginal utility states that when a person consumes more and more units, the marginal utility of extra units diminishes as additional units are obtained from the marginal utility.
Moreover, the graph of this diminished marginal utility that results in the consumer demand curve for a product goes downward sloping.