Unit 2
Table of Contents
April 12, 2026 #
Types of Utility #
A) Form Utility
B) Place
C) Time
D) Possession
Law of Deminishing Marginal Utility #
Law of Equi-Marginal Utility #
Law of Demand #
Price and Quantity demanded for a product is inversely related.
Exceptions of Law of Demand #
A) Assumption of increase in price.
B) Status goods or Veblen goods.
C) Giffen goods.
D) War.
E) Economic depression.
F) Essential goods.