1
Question
According to Marshall, the basis of consumer surplus is ______.
According to Marshall, the basis of consumer surplus is ______.
Open in App
Solution
The correct option is B law of diminishing marginal utility
The Law of diminishing marginal utility is a law
of economics stating that as a person increases consumption of a
product while keeping consumption of other products constant, there is a
decline in the marginal utility that person derives from consuming each additional unit of that product. This law serves as the basis for the theory of consumer's surplus.
The Law of diminishing marginal utility is a law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product. This law serves as the basis for the theory of consumer's surplus.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
