Question : Marshall established the law of Equimarginal Utility:
Option 1: Related to money
Option 2: Related to goods
Option 3: Both of the above
Option 4: All of the above
Correct Answer: Related to goods
Solution : It is related to goods only. Alfred Marshall proposes the law of equi-marginal utility. 'If a person has a goods that can be put to several uses, he will distribute it among these uses in such a way that it has the same marginal utility in all,' says Prof. Marshall. Hence option b is the correct answer.
Question : Who has propounded the law of diminishing marginal utility?
Question : What is the First Law of Gossen?
Question : Law of Demand is a: (a) Qualitative Statement (b) Quantitative Statement
Question : Which of the following is the basis of diminishing marginal utility?
Question : In which of the following cases does the law of demand fail?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile