Economics · Marshallian Utility Analysis
In the Marshallian cardinal utility analysis, what is the primary purpose of assuming the Constancy of the Marginal Utility of Money (MUM)?
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- 1To ensure that the marginal utility of a commodity increases as its consumption increases.
- 2To replace the numerical measurement of utility with the ranking of consumer preferences.
- 3To demonstrate that the utility derived from one good depends on the consumption of other goods.
- 4To allow money to serve as an unvarying measuring rod for satisfaction.✓
Correct answer
To allow money to serve as an unvarying measuring rod for satisfaction.
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