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The doctrine of consumer’s surplus is based on?
- a)Law of substitution
- b)Revealed preference theory
- c)Law of diminishing marginal utility
- d)Indifference curve analysis
Correct answer is option 'C'. Can you explain this answer?
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The doctrine of consumer’s surplus is based on?a)Law of substitu...
The theory of consumer’s surplus is based on the law of diminishing marginal utility. The law of diminishing marginal utility claims that as you consumer more of a commodity, the marginal utility derived from it decreases eventually.
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The doctrine of consumer’s surplus is based on?a)Law of substitu...
Sovereignty is an economic concept that posits that in a free market, consumers have the power to dictate what goods and services are produced by businesses. This means that businesses must produce products and services that meet the needs and wants of consumers in order to stay competitive and profitable. The doctrine of consumer sovereignty is based on the assumption that consumers are rational and will choose the products and services that provide the most value and utility for their money. In this way, consumer sovereignty is seen as a mechanism for ensuring that resources are allocated efficiently in a market economy, as businesses are incentivized to produce goods and services that are in demand by consumers. However, critics of the doctrine of consumer sovereignty argue that it places too much emphasis on individual choice and neglects broader societal concerns, such as environmental sustainability and social justice.
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The doctrine of consumer’s surplus is based on?a)Law of substitu...
The doctrine of consumer surplus based on law of diminishing marginal utility...law of diminishing marginal utility states that when we consume more and more commodity then satisfaction gets decrease
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The doctrine of consumer’s surplus is based on?a)Law of substitutionb)Revealed preference theoryc)Law of diminishing marginal utilityd)Indifference curve analysisCorrect answer is option 'C'. Can you explain this answer?
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The doctrine of consumer’s surplus is based on?a)Law of substitutionb)Revealed preference theoryc)Law of diminishing marginal utilityd)Indifference curve analysisCorrect answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about The doctrine of consumer’s surplus is based on?a)Law of substitutionb)Revealed preference theoryc)Law of diminishing marginal utilityd)Indifference curve analysisCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The doctrine of consumer’s surplus is based on?a)Law of substitutionb)Revealed preference theoryc)Law of diminishing marginal utilityd)Indifference curve analysisCorrect answer is option 'C'. Can you explain this answer?.
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