Introduction to Economics 1 Deneme Sınavı Sorusu #752197
Which of the following principles is false in terms of ‘consumer behavior’?
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Consumers can achieve utility from different alternatives and substitute one good for another. |
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Consumers must make decisions without perfect information, but experiences usually help. |
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Consumers tend to buy either cheaper goods or the ones with the higher benefit. |
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Consumers will be more satisfied by a product when they successively consume it. |
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Consumers are forced to make choices due to their limited income while purchasing something. |
The law of diminishing marginal utility is that the marginal (or additional) utility derived from consuming successive units of a product will eventually decline as the rate of consumption increases. For example, a consumer eats 5 apples one after another. When he eats the first one he will have the maximum marginal utility (satisfaction). When he eats the second and third apple, the marginal utility of each additional apple will be lesser. This is because with an increase in the consumption of apples, his desire to consume more apples falls. Therefore, this example proves the point that every successive unit of a commodity used gives the utility with the diminishing rate. The correct answer is D.
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