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  5. \(\begin{array}{c|c}...

\(\begin{array}{c|c} \text{Units of quantity} & \text{Total utility} & \text{Marginal utility} \\ \hline 0 & -...

Economics
JAMB 2015
\(\begin{array}{c|c}
\text{Units of quantity} & \text{Total utility} & \text{Marginal utility} \\
\hline
0 & - & - \\
\hline
1 & 10 & 10 \\
\hline
2 & 15 & 5 \\
\hline
3 & 17 & 2 \\
\hline
4 & 18 & 1 \\
\hline
5 & 18 & 0 \\
\end{array}\)


The table illustrate the law of
  • A. admonishing returns
  • B. increasing returns
  • C. diminishing marginal utility
  • D. increasing marginal utility
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Correct Answer: Option C
Explanation
It shows that when total utility is at the maximum, marginal utility equals zero.
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Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now