May/June 2026 Paper 33

2026 · 30 questions · 30 parts · 30 marks

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6Marginal Utility Consumer ChoiceMedium1 mark
Marginal utility theory measures consumer satisfaction and concludes that the value of marginal utility a consumer places on a good will determine the price they are willing to pay for that good. The price of a bottle of water, which is vital for human survival, is less than the price of luxuries, such as designer clothing. Which statement is least likely to explain this?