Last year alices wealth increased by x and it gave her z, Ask an Expert

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Last year, Alice's wealth increased by $X and it gave her z units of happiness (or utility). This year Alice's wealth increased again by $X but her utility went up by less than z units. What is this an example of?

Positive marginal utility of wealth

Diminishing marginal utility of wealth

Diminishing marginal return

Conservation of value

Risk aversion

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Financial Management, Finance

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