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Question
Find the odd word
Exception to law of Diminishing Marginal Utility -
Options
Miser
Hobbies
Addictions
Speculation
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Solution
Speculation
APPEARS IN
RELATED QUESTIONS
Explain with reason whether you ‘agree’ or ‘disagree’ with the following statement:
The law of 'diminishing marginal utility' is important in the practice?
Explain any four exceptions of the law of Diminishing marginal utility.
In the law of diminishing marginal utility, Alfred Marshall assumes that the marginal utility of money ______.
As per the law of diminishing marginal utility, the measurement of utility is assumed to be _____.
When MU is falling, TU is ______.
Exceptions to the law of diminishing marginal utility:
- Cardinal measurement
- Hobbies
- Miser
- Money
Criticisms to the law of diminishing marginal utility:
- Based on unrealistic assumptions
- Not applicable to indivisible and bulky goods
- The law is restricted to satisfaction of a single want.
- In reality, cardinal measurement of utility not possible.
Assertion (A): MU curve slopes upwards.
Reasoning (R): MU goes on diminishing with every successive increase in the consumption of a commodity.
State with reason whether you agree or disagree with the following statement:
There are no exceptions to the law of diminishing marginal utility.
State with reason whether you agree or disagree with the following statement
Marginal utility curve slopes downwards.
State with reasons whether you agree or disagree with the following statement.
There are no exceptions to the law of diminishing marginal utility.
What does the Law of Diminishing Marginal Utility state?
According to Chapman, what happens when we have more of a thing?
What is marginal utility?
What happens to marginal utility after the need is fully satisfied?
Which example best demonstrates the law?
Which is an exception to the law of diminishing marginal utility?
What is one assumption of the law of diminishing marginal utility?
When is total satisfaction (total utility) at its maximum, according to the marginal utility table?
Why is the law important for public policy?
Which statement is NOT an assumption of the law?
