Economics (AS & A Level) · May / June 2024 · Paper 31 · Question 1

Which statement about the concept of utility is correct?

1. ADiminishing marginal utility means that producers become less efficient the more they produce.
2. BIf marginal utility is above average utility, average utility must be rising.
3. CThe equi-marginal principle says that a consumer gets equal total satisfaction from each item purchased.
4. DTotal utility continually rises as the level of consumption rises.

As printed in the paper