Economy, asked by jiyak2147, 11 months ago

What is the importance of the law of diminishing marginal utility?

Answers

Answered by grandcity98

The law of diminishing marginal utility postulates that when consumers go to market to purchase a commodity, they do not attach equal importance to all the commodities they buy. They will pay more for some commodities and less for others.

Previous Question

Next Question

Similar questions

Physics, 6 months ago

a rectangular plate has length (2+-0.02)CM and width (1+-0.01)CM the maximum percentage error in the measurement of it's area...

English, 6 months ago

State the sentances as Transitive and Intransitive verbs:- a. He wrote a letter to his father last night. b. The cuckoo sang melodiously.

Geography, 6 months ago

. Wind flows from high pressure to low pressure area due to: * A. High Pressure area B. Floods C. Monsoon rainfall D. Unequal heating of land and water Option 4...

Economy, 11 months ago

What is the relation between total utility and marginal utility? Tell one relationship.

Biology, 11 months ago

Which gland is located in the head...

Physics, 1 year ago

Discuss elastic collision in one dimension. Obtain the expression for velocity of two bodies after such collision...

Biology, 1 year ago

Explain the method that would help in selection of recombinant colonies from non recombinant ones...

Physics, 1 year ago

Explain what happens to the force between two objects if : the mass of one object is dounled...