[Solved] Which best expresses the law of diminishing marginal utility?

McqMate

Q.	Which best expresses the law of diminishing marginal utility?
A.	the more consumption of a product, the smaller is the total and marginal utilityfrom the consumption.
B.	the less consumption of a product, the greater is the total and marginal utilityof the consumption.
C.	the more consumption of a product, the smaller is the marginal utility fromconsuming an additional unit.
D.	the more consumption of a product, the smaller is the total and marginal utilityfrom the consumption.
Answer» C. the more consumption of a product, the smaller is the marginal utility fromconsuming an additional unit.

724

0

Do you find this helpful?

4

View all MCQs in

MicroEconomics, Theory and Applications 1

Discussion

No comments yet

Related MCQs

Which situation is consistent with the law of diminishing marginal utility?
If you know that the marginal utility per rupees spent on product Alpha is less than the marginal utility per rupees spent on product Beta, consumers who spend all their income on these two products can:
Diminishing marginal returns implies:
The law of diminishing returns states that:
The law of diminishing returns only applies in cases where:
Which of the following defines marginal utility?
A consumer is in equilibrium and is spending income in such a way that the marginal utility of product X is 40 units and Y is 16 units. The unit price of X is Rs.5. The price of Y is:
According to ----------- when income increases by a small increment, it leads to increasing marginal utility of income
A consumer with a fixed income will maximize utility when each good is purchased in amounts such that the:
The marginal product of labour curve shows the change in total product resulting from a: