In the utility approach________explains________.
(a) Hicks & Allen, Consumer Behaviour (b) Alfred Marshall, Law of diminishing marginal utility (c) Alfred Marshall, Law of Equi Marginal Utility (d) Both (a) & (b).
- 5939 Views
- 6 Answers
Your Answer
In Marshall's theory, the concept of utility is cardinal. The price that a consumer is willing to pay for a good is an indication of the utility of that good to the consumer. Total utility is the sum of the utility, which a consumer derives from the consumption of the different units of a good.
-
Shruti
- 22 May
- 0 Comment
Comment
Practice Mock Test
foundation