The law of consumer surplus is based on:

CA Foundation · Business Economics · RTP · September 2024
The law of consumer surplus is based on:
(A) A. Indifference 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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