Q.State any four exceptions to the Law of Diminishing Marginal Utility.
You're viewing a preview — the full solution, concept, methods & PYQ mapping are locked.
Start your 14-day free trial to unlock the full solution →While the Law of Diminishing Marginal Utility describes the general tendency of human want-satisfaction, a few situations are commonly cited as apparent exceptions to it: (i) Collection of rare articles — a collector's marginal utility from an additional rare coin or stamp may actually increase as the collection nears completion, since the missing piece becomes more valuable to the collector, not less. (ii) Miser and money — a miser's marginal utility from an additional rupee does not diminish, and may even rise, because the motive is hoarding for its own sake, not consumption to satisfy an ordinary want. (iii) Addictive goods — for an addict, the marginal utility of successive drinks of alcohol or doses of a drug may rise, at least up to a point, because craving intensifies with continued use, rather than being satisfied by it. (iv) Appreciation of music, art or poetry — a connoisseur's marginal utility from repeated listening to a raga or repeated reading of a poem may initially rise with repetition, as understanding and appreciation deepen, before eventu …
Unlock everything free for 14 days
- Full step-by-step solutions
- Concept-first explanations
- Methods, shortcuts & mistakes
- PYQ mapping + timed mock tests
Full access for 14 days. No credit card required.