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Which of the following is the basis of diminishing marginal utility?A) Law of demandB) Laws of returnC) Law of supplyD) None of the above
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Which of the following is the basis of diminishing marginal utility?A) Law of demandB) Laws of returnC) Law of supplyD) None of the above

User Arvidkahl
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2 votes

Answer:

A) Law of demand

Step-by-step explanation:

Diminishing marginal utility is the basis of Law of demand. When the price of a goods falls, downward sloping marginal utility curve implies that the consumers must buy more of the good so that its marginal utility falls and becomes equal to the new price.

User Kishan Bheemajiyani
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