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Theory of consumer behaviour — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsTheory of consumer behaviour1 Mark
Question
Identify the law in the statement below:
'A consumer with a given income allocates his expenditure among commodities, so that last rupee spent on each brings equal Marginal Utility':
  1. Law of Diminishing Marginal Utility.
  2. Law of Equi-marginal Utility.
  3. Law of diminishing MRS.
  4. None of the above.
✓

Answer

  1. Law of Equi-marginal Utility.

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