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Revenue Budget

Which one is ...

Question

Which one is not an assumption of law of diminishing marginal utility?

A

Rational consumer

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B

Short period

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C

Cardinal utility

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D

Substitution of goods

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Solution

The correct option is D Substitution of goods
Substitution of goods is not an assumption under law of DMU, because if one good substitutes for another then law of DMU will not remain applicable.

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Q. Discuss the assumptions of the law of diminishing marginal utility.

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State and explain the law of Diminishing Marginal Utility. Explain its assumptions.

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