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Which Law states that. ''When a consumer...

Which Law states that. ''When a consumer consumes more and more units of a product, the utility derived from each additional unit decreases''?

A

Law of Equi-Marginal Utility

B

Law of Ordinal Utility

C

Law of Cardinal Utility

D

Law of Diminishing Marginal Utility

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The correct Answer is:
D
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  7. The assumption of ''Constant marginal utility of money'' means that im...

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  8. When Economists speak of the utility of a certain product, they are re...

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  9. Utility :

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  10. A consumer in conumption of two commodities A and B is at equilibrium...

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  11. The Law of Diminishing Marginal Utility will not hold good if Income o...

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  12. As per Ordinal Approach

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  13. Marginal Utility :

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  14. Mollie derives total utility of 10 utils after having 4 mangoes and to...

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  15. After reaching the point of satiety, consumption of additional units o...

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  16. According to one of the assumption of Law of Diminishing Marginal Util...

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  17. Budget line shows:

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  18. MU(X) " of " X " is " 40 " and " MU(Y) of Y is 30. It the price of Y i...

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  19. The farther the Indifference Curve is from the origin, then :

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  20. The consumer is in equilibrium when Marginal Utility from a Commodity ...

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