State with reason whether you 'agree' or 'disagree' with the following statement.
Homogeneity of commodities is the only assumption of the law of diminishing marginal utility.
I do not agree with the given statement.
This is because, Homogeneity of commodities is one of the assumption of the law of diminishing marginal utility and apart from that there are many more assumptions like ,
2. Continuity in Consumption: All units of the commodity are to be consumed in quick succession. There should not be a gap or interval between consumption of two different.
Video Tutorials For All Subjects
- Diminishing Marginal Utility