Question : According to one of the assumption of Law of Diminishing Marginal Utility, there should be _______________between the consumption of one unit and another unit.

Option 1: Equal time gap

Option 2: No time gap

Option 3: Long time gap

Option 4: Any of these

Question : The law of diminishing marginal utility states that:

Option 1: Marginal utility increases as consumption increases

Option 2: Total utility decreases as consumption increases

Option 3: Marginal utility decreases as consumption increases

Option 4: Total utility remains constant as consumption increases

Question : What is the First Law of Gossen?

Option 1: Law of Equi-marginal utility

Option 2: Law of Diminishing marginal utility

Option 3: Law of supply

Option 4: Law of demand

Question : According to the law of diminishing marginal utility, as a consumer consumes more of a good:

Option 1: The total utility derived from the good increases at a decreasing rate.

Option 2: The marginal utility derived from the good increases at a decreasing rate.

Option 3: The total utility derived from the good decreases at a decreasing rate.

Option 4: The marginal utility derived from the good decreases at a decreasing rate.

Question : According to the law of diminishing marginal utility, as a consumer consumes more of a good:

Option 1: The total utility derived from the good increases at a decreasing rate.

Option 2: The marginal utility derived from the good increases at a decreasing rate.

Option 3: The total utility derived from the good decreases at a decreasing rate.

Option 4: The marginal utility derived from the good decreases at a decreasing rate.

Question : According to the law of diminishing marginal utility, as a consumer consumes more of a good:

Option 1: The total utility derived from the good increases at a decreasing rate.

Option 2: The marginal utility derived from the good increases at a decreasing rate.

Option 3: The total utility derived from the good decreases at a decreasing rate.

Option 4: The marginal utility derived from the good decreases at a decreasing rate.