Utility and Consumption Quiz

The want-satisfying power of a good is known as

The law of diminishing marginal utility was given by

When marginal utility becomes zero, total utility is

The law of diminishing marginal utility applies only when

Which of the following is a basic assumption of the law of diminishing marginal utility?

When total utility is rising, marginal utility is

The point at which total utility starts to decline is where marginal utility becomes

The concept of equi-marginal utility explains

According to the law of equi-marginal utility, a consumer is in equilibrium when

The second law of Gossen is also known as