On what grounds is the law of diminishing marginal utility being criti

Question

On what grounds is the law of diminishing marginal utility being criticized by the modern economists?

23 Dec 2024

Answer :

Word Count : 273

The law of diminishing marginal utility, which suggests that as a person consumes more units of a good, the additional satisfaction or utility derived from each successive unit decreases, has faced several criticisms from modern economists.

Firstly, the law assumes that utility can be measured in a quantitative manner, which is highly subjective. Since utility is a psychological concept and varies from person to person, measuring it in ________ _________ _____ _______ ________ _____ _____ __________ ___ _______.
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