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).

• Nisha
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• 6 Answers

• In the utility approach, Alfred marshall explains the Law of Diminishing Marginal Utility. This concept states when consumption increases, the marginal utility derived from each additional unit declines.

  • Ameya
  • 02 Mar
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• B

  • Sriram
  • 26 Nov
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• b

  • Anisha
  • 12 May
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• 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
  • 27 Mar
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