Give reasons for the following statements. ( a) MU of consumer goods decreases with their consumption. (
Question:
Give reasons for the following statements.
(
a) MU of consumer goods decreases with their consumption.
(
b) MRS decreases because of diminishing marginal utility.
(
c) Higher indifference curve yields a higher level of utility than the lower one.
(
d) The law of equi-marginal utility implies that MU derived per rupee is the same.
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