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Utility & Consumer's Equilibrium · Question 33 of 73

Question 33

MediumOriginal question

Which of these is an exception people often give to the law of diminishing marginal utility?

Options for question 33

Show the answer and explanation
CorrectNot quiteAnswer D

Correct answer: D

Explanation

  1. For a collector, the stamp that completes a set can matter more than the earlier ones.

  2. The other three are textbook cases where each extra unit adds less.

Concept
Apparent exceptions to the law
Typical time
70 s
Your time
—
The rule this testsDiminishing marginal utility
Practise this chapter →

Ten questions from Utility & Consumer's Equilibrium, at your own pace.

Practise this chapter →

Ten questions from Utility & Consumer's Equilibrium, at your own pace.