State with reason whether you agree or disagree:
1. There are no real exceptions to the law of Diminishing Marginal Utility.
ANSWER:
There are no real exceptions to the law of Diminishing Marginal Utility. - Disagree
Explanation:
The above statement is false. There are exceptions to the law of diminishing marginal utility. This law fails to operate in case of earning money, acquiring knowledge, consumption of liquor and cigarettes, hobbies such as jewellery collection by women, stamp collection, old coins, antiques, listening to good music and reading good poems again and again etc. In such cases, the greater the consumption, the greater the utility derived.
