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| 1. |
'Law of diminishing marginal utility will operate even if consumption takes place in intervals''. Defend or refute. |
| Answer» Solution :The GIVEN statement is refuted. Law of diminishing marginal utility will operate only when CONSUMPTION is a continuous PROCESS. For example, if one burger is consumed in the morning and another in the AFTERNOON, then the second burger may provide EQUAL or higher satisfaction as compared to the first one. | |