11. The diminishing marginal utility of income explains why the family would work fewer hours. 12. Under what curcumstances Principle of equal marginal utility is violated? 13. Diamonds are priced higher than water because their marginal utility is higher than water. 14. David Ramsay Steele argues that marginal utility theory renders Marx's theory of exploitation untenable. 15. Is diminishing marginal utility a significant concern in formal education? 16. Thus, the concept of diminishing marginal utility should translate itself into a downward-sloping demand function. 17. Should I assume it the violation of Principle of equal marginal utility per dollar spent? 18. Thus, the factors of production were as sensitive to marginal utility as consumer goods themselves. 19. It was one of the first modern treatises to advance the theory of marginal utility . 20. The reason is that under incomplete markets, the relative marginal utilities of agents are not equated.
