Question

According to the Law of Diminishing marginal utility satisfaction obtained from consumption of each successive unit *(MCQ)
•Increasing
•Decreasing
•Constant
•None of these​

Answer 1

Utility theory. bases its beliefs upon individuals' preferences. It is a theory postulated in economics to explain behavior of individuals based on the premise people can consistently rank order their choices depending upon their preferences. ... that seeks to explain the individuals' observed behavior and choices.