Economics · Demand Types and Exceptions
Consider the following statements regarding the classifications of demand and the exceptions to the Law of Diminishing Marginal Utility (LDMU): Statement 1: The demand for a commodity that can be put to several uses of varying importance, such as steel being used for construction, automobiles, and packaging, is known as Joint Demand. Statement 2: For certain addictive substances such as alcohol or tobacco, the Law of Diminishing Marginal Utility may be violated initially because repeated consumption can increase the consumer's craving for the substance. Choose the most appropriate answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement 1 is true, but Statement 2 is false.
- 2Both statements are false.
- 3Both statements are true.
- 4Statement 1 is false, but Statement 2 is true.✓
Correct answer
Statement 1 is false, but Statement 2 is true.
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