| 41. | The activities of entrepreneurs make prices more accurate in terms of how they represent the marginal utility of consumers.
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| 42. | Individuals will tend to obtain diminishing levels of satisfaction, or marginal utility from acquiring additional units of a good.
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| 43. | VORP's usefulness is in the fact that it measures contribution at the margin ( as in marginal utility ).
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| 44. | Quantified utility models simplify the analysis of risky decisions because, under quantified utility, diminishing marginal utility implies risk aversion.
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| 45. | Marginalism is the theory that economic value results from marginal utility and marginal cost ( the marginal concepts ).
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| 46. | To put this as an economist might : Blount's book is a literary version of the law of marginal utility.
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| 47. | Thus, supply and demand do not develop into the determinants of value; the determinant of value is the marginal utility.
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| 48. | Thus if one is concave, so is the other, in which case there is said to be diminishing marginal utility.
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| 49. | He believed that prices of goods and services are proportional to marginal utility rather than to labor amounts in free market.
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| 50. | Lerner applied the concept of utility and its associated " law of marginal utility " to the distribution of income in society.
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