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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.
Options
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.
MCQ
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Solution
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.
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