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Question
______ states that as more and more units of a commodity are consumed, the marginal utility derived from the additional units must decline.
Options
Law of Diminishing Marginal Utility
Law of Supply
Law of Variable Proportions
Law of Equi-marginal utility.
MCQ
Fill in the Blanks
Solution
The Law of Diminishing Marginal Utility states that as more and more units of a commodity are consumed, the marginal utility derived from the additional units must decline.
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Cardinal Approach (Utility Analysis)
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