Which of the following is not an assumption of the law of diminishing marginal utility ?
A constant production function is not an assumption of diminishing marginal utility. The law concerns satisfaction from successive homogeneous units of consumption, rather…
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Which of the following is not an assumption of the law of diminishing marginal utility ?
Answer and explanation
Correct answer D
A constant production function is not an assumption of diminishing marginal utility. The law concerns satisfaction from successive homogeneous units of consumption, rather than the technical relationship between inputs and output.
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Maharashtra and Goa SET (MH SET)