Jevons' theory states that utility is inversely related to what?
Price
Supply
Quantity owned
Quality
Answer
**Quantity owned.** Jevons' theory posits that the more of a good a person owns, the less additional satisfaction or utility they derive from each additional unit. This principle, encapsulated in the adage'the first bite of an apple is the best,' highlights the diminishing marginal utility of goods as their quantity increases.
Unlocking the Genius of William Stanley Jevons: A Voyage Through Economic Thought and Logical Mastery
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