Question

Marginal utility diminishes, as consumption of commodity _________. (increases / decreases / remains constant/ becomes zero). Fill in the blank with appropriate alternative given in the bracket.

Answer 1

Fill in the blanks with appropriate alternatives given in the ... When MU is _____ , TU decreases. ... (Supply/ Diminishing Marginal Utility/Production/ Interest).

Answer 2

Marginal utility diminishes, as consumption of commodity increases.

Explanation:

• The utility is the power of a good to satisfy the wants.
• 'The law of 'diminishing marginal utility' refers that as when a consumer consumes extra and more of a specific good, the additional utility derived from each successive unit goes on diminishing.
• Marginal utility is evolved as the transition in utility as an extra unit is consumed. The 'utility' is an economic word used to represent happiness or satisfaction.

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