The table below represents John\'s total benefits (or total willingness to pay)

Question

The table below represents John's total benefits (or total willingness to pay) associated with consuming scoops of ice cream. Total Scoops Total Benefit $1.75 $3.00 $3.65 $3.90 $3.95 1.2. Given the information above, which of the following best describes John's valuation? O A. John is willing to pay more for the fourth scoop of ice cream than the third. O B. John is willing to pay more for the fifth scoop of ice cream than any other scoop. O C. John is willing to pay a smaller and smaller price for each additional scoop of ice cream. O D. John is willing to pay a higher and higher price for each additional scoop of ice cream.

Explanation / Answer

Answer = c)

John is willing to pay a smaller and smaller price for each additional scoop of ice cream.

This is the diminishing marginal utility.

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