Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:
Assertion (A): Marginal Utility diminishes as the person consumes more unit of a commodity.
Reason (R): Utility derived from each unit of a commodity is less than that of the previous one.
Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:
Assertion (A): Law of diminishing marginal utility states that as more and more units of a commodity are consumed, marginal utility derived from every additional unit must decline.
Reason (R): When MU is negative, TU will be decreasing.
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:
Assertion (A): Rare commodities like antiques do not follow the law of diminishing marginal utility.
Reason (R): Law of marginal utility states that as more and more units of a commodity
are consumed, marginal utility derived from additional unit must decline.
Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:
Assertion (A): Indifference Curves are always convex to the origin.
Reason (R): Diminishing Marginal Rate of Substitution.
Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:
Assertion (A): Mohit gets a raise in his salary by 10% as he was a hard working person and was an employee of the week for three months straight.
Reason (R): The raise in the salary is a part of the consumption for Mohit.
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