Economy, asked by shuklashraddha167, 9 months ago

Which of the following is true of a graph of marginal utility?
It is downward sloping because marginal utility decreases as quantity consumed increases.
It is upward sloping because marginal utility increases as quantity consumed increases.
It can't be determined.
It is a flat line because marginal utility remains steady as quantity consumed increases.

Answers

Answered by Itznikhilhere

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Answered by nidaeamann

Answer:

Option One

Explanation:

Among the four options given, option 1st is correct one.

It is downward sloping because marginal utility decreases as quantity consumed increases.

In a perfectly competitive market, where the margins are very tough, each firm has to take the price as given and can sell as much as it wants at the given price. Profits can be maximized by firms by producing the quantity where its marginal revenue equals its marginal cost. Therefore the marginal utility curve is the short run supply curve of the firm

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