According to Marshall, the basis ofconsumer surplus isА.Law of diminishing MUB. Law of Equi-MUС.Law of proportionsD. All of the above

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According to Marshall, the basis of consumer surplus is А. Law of diminishing MU В. Law of Equi-MU С. Law of proportions D. All of the above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

According to Marshall, the basis of
consumer surplus is
А.
Law of diminishing MU
B. Law of Equi-MU
С.
Law of proportions
D. All of the above

Expert Solution

Step 1

Actually a consumer surplus is very important for the business which are small as the consumer which usually derive large amount from actually buying the products are initially likely to buy or purchase them again and again in the future.

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