2. Which of the following describes the law of diminishing marginal utility? The more you consume, the happier you are o b. As you consume more, your level of happiness falls. o C. As prices fall, you enjoy consuming more o d. You enjoy the first units you consume more than later units An increase in income increases your happiness.⚫ 2. Which of the following describes the law of diminishing marginal utility? ⚫ a. The more you consume, the happier you ⚫ are. ⚫ b. As you consume more, your level of ⚫ happiness falls. ⚫ c. As prices fall, you enjoy consuming more. ⚫ d. You enjoy the first units you consume ⚫ more than later units. ⚫ e. An increase in income increases your ⚫ happiness. ⚫