Question

In the following Question, read the following statement and choose the correct alternative among those given below:

Statement 1: Law of Diminishing Marginal Utility (Law of DMU) has universal applicability and applies to all goods and services. 

Statement 2: Law of DMU is also known as 'Gossen’s First Law of Consumption.

विकल्प

• Both the Statements are true.

• Both the Statements are false.

• Statement 1 is true and Statement 2 is false.

• Statement 2 is true and Statement 1 is false.

Answer 1

Both the Statements are true.

Explanation:

The supplied content states that the Law of DMU applies to all goods and services and has universal applicability. It is also known as Gossen’s First Law of Consumption.