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.