The second slice of bread gives less satisfaction to a hungry boy. This is a clear case of:(a) Law of demand(b) Law of diminishing returns(c) Law of diminishing utility(d) Law of supply
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Financial powers
Money bill can be introduced in the Parliament only with his prior recommendations
He causes to be laid before the parliament the union budget
He constitutes a finance commission after every 5yrs
Money bill can be introduced in the Parliament only with his prior recommendations
He causes to be laid before the parliament the union budget
He constitutes a finance commission after every 5yrs
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Answer:
The answer is option C – Law of Diminishing Utility.
Explanation:
The Law of Diminishing Utility is an important aspect of economics. It states that the marginal utility of a product or service goes down, as its availability increases. In the above example, the boy gets maximum satisfaction when he eats the first slice of bread. With the second slice, his satisfaction is slightly less, and so it declines with each additional slice of bread that he consumes.
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