Explain the assumptions made about consumers and households used to build utility theory.
-What happens to total utility even if there is diminishing marginal utility? Even if there is diminishing marginal utility, why is it assumed that people prefer more rather than less?

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The Answer of Explain the assumptions made about consumers and households used to build utility theory.
-What happens to total utility even if there is diminishing marginal utility? Even if there is diminishing marginal utility, why is it assumed that people prefer more rather than less?

Explain the Assumptions Made About Consumers and Households Used to Build