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You have been involved with a school committee trying to raise money through bake sales. At the last bake sale, you sold only half your goods. What could you suggest to your committee that might ensure more quantities are sold? Work with a partner to make a plan for the next bake sale. Make sure you refer to the Law of Demand and the principle of diminishing marginal utility as you prepare your suggestions.
For this question, we will explain diminishing marginal utility and how it affects prices, using a loaf of bread as an example.
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