Economics · Consumer Behaviour
Which of the following economic laws states that the marginal utility obtained from consuming each additional unit of a commodity declines as its consumption increases, while keeping the consumption of other commodities constant?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Concept of Opportunity Cost
- 2Law of Demand
- 3Law of Competition
- 4Law of Diminishing Marginal Utility✓
Correct answer
Law of Diminishing Marginal Utility
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