Final answer:
The law of diminishing marginal utility indicates that as we consume more of a good, the satisfaction from each additional unit decreases.
Step-by-step explanation:
The statement that describes the law of diminishing marginal utility is: A) The more you have of a good, the less you want more. This law suggests that as we consume more of a good or service, the utility (satisfaction or benefit) we obtain from each additional unit of the good decreases compared to what we received from earlier units.
It's important to note that marginal analysis allows individuals and businesses to make decisions based on these incremental changes. Additionally, the concept is related to the opportunity cost, as every choice involves considering what we give up when making a decision, hence the utility of the next best alternative is foregone.