According to the law of diminishing marginal utility, as a consumer increases consumption of a commodity, the marginal utility derived from each additional unit: MCQ with Answer and Explanation
According to the law of diminishing marginal utility, as a consumer increases consumption of a commodity, the marginal utility derived from each additional unit:
A. eventually declines
B. first declines then increases
C. remains constant
D. increases continuously
Answer: Option A
Solution (By JKSSB Mock Tests)
The law of diminishing marginal utility states that as more units are consumed, the additional satisfaction from each extra unit eventually decreases.
Explanation:
The planetary-boundaries framework, developed by Rockström and colleagues, defines a set of nine Earth-system processes and associated quantitative boundaries within which humanity can operate safely.
Explanation:
Bounded rationality recognises that human decision-makers face cognitive limitations and incomplete information, so they typically seek satisfactory rather than optimal solutions.
Explanation:
The Digital Services Act establishes a horizontal framework of due-diligence, transparency and accountability obligations for digital intermediary services, including online platforms, with respect to illegal content and systemic risks.
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