Q. Of the following, which is NOT an essential assumption of the marginal utility theory of consumer demand? (Solved)
1. Small income of the consumer
2. The fact that goods and services have a price
3. The fact that as more goods and services are purchased by the consumer, these goods and services yield decreasing amounts of marginal utility
4. Rationality of the consumer
5. None of the above
- d. Rationality of the consumer