Understanding the relationship between Total Utility, Marginal Utility, and Average Utility is fundamental in consumer behaviour theory in economics.
Which one of the following statements is not correct?
Asked in UPSC CDS 1 2019 · UPSC CAPF 2019 · Topic: Nature of Indian Economy (Developing Economy Characteristics)
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Answer: D. When total utility is maximum, marginal and average utility are equal to each other.
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