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Marginal utility is:...

Marginal utility is:

A

the utility from first unit of a commodity consumed

B

the utility from the last unit consumed

C

total utility divided by number of units consumed

D

always positve.

Text Solution

Verified by Experts

The correct Answer is:
B
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Knowledge Check

  • Marginal utility refers to utility :

    A
    From the last unit consumed
    B
    From one more unit consumed
    C
    From one less unit consumed
    D
    All the above

  • According to th Law of Diminishing Marginal Utility, as the consumer reduces consumption of a goods marginal utility of the remaining quantity of that good :

    A
    Falls
    B
    Rises
    C
    Remains unchanged
    D
    Cannot calculate

  • Marginal utility of a good means utility on consuming :

    A
    More units
    B
    Less units
    C
    One more unit
    D
    All the above

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    Explain the law of diminishing marginal utility with the help of a total utility schedule .

    When the marginal utility starts falling, total utility also start decreasing

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