Question
Download Solution PDFAccording to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to
This question was previously asked in
CDS GK Previous Paper 5 (Held On: 4 Feb 2018)
Answer (Detailed Solution Below)
Option 2 : diminish
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UPSC CDS 01/2025 General Knowledge Full Mock Test
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Detailed Solution
Download Solution PDF- The law of diminishing marginal utility states that the “as a consumer consumes more and more units of a commodity, the utility with every unit consumed goes diminishing”.
- The theory can be explained with an example suppose a consumer has 5 apples, if he gets 50 utils with consuming 1st apple, then marginal utility gained after consuming 2nd apple will be less than 50 utils and goes on decreasing with every extra unit consumed.
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