The law of consumer surplus is based on:

CA Foundation · Business Economics · MTP · June 2024
The law of consumer surplus is based on:
(A) A. indifferent curve analysis
(B) B. revealed preference theory
(C) C. law of substitution
(D) D. the law of diminishing marginal utility

Suggested Answer and Working Notes:

Correct Answer: Option (D)

D. the law of diminishing marginal utility

Topics: Theory of Demand and Supply

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