Exceptions to the Law of Diminishing Marginal Utility


Under the assumptions of homogeneity, continuity, reasonability, constancy and rationality, the law is deemed to be universal. In certain cases, however, it has been observed that a consumer tends to attain increasing marginal utility with an increase in the stock of a commodity consumed or acquired. Such cases are treated as exception to the law of diminishing marginal utility.


Note: This is published for the internal use (of St. Philomena's College students) only and hence requires verification. 

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