Diminishing Marginal Utility And The Law Of Demand Jamb Economics Past Questions
Question 1
The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously
- A. total utility must fall
- B. marginal utility must fall
- C. marginal utility may rise
- D. marginal utility may fall even though his total utility may be rising
Question 2
Commodities I and II are
- A. competitive supply
- B. Substitute supply
- C. Joint supply
- D. Derived supply
Question 3
When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he
- A. stops consuming more of the commodity
- B. reduces the quantity consumed
- C. increases the quantity consumed
- D. consumes more of another commodity
