Question

State and explain the law of diminishing marginal utility with exceptions

Answer 1

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Answer 2

Answer:

Exceptions to the Law of Diminishing Marginal Utility: The law of diminishing marginal utility states that as more and more of goods are consumed, the utility derived from them falls. However, there is an exception to this law. It is observed that a consumer sometimes gain more utility as more and more of a good is consumed.

Explanation:

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