CAIE A-Level Economics A2 7.1.5 Limits of Marginal Utility Theory Questions

Practise evaluating marginal utility theory through rational-consumer, two-good, perfect-knowledge and income/substitution-effect assumptions using A2 evidence.

Exam points

Evaluate the limits of marginal utility theory, including rational-consumer, two-good, perfect-knowledge and income/substitution-effect assumptions.

[Maximum number: 1]

Utility theory is based on the assumption of the 'rational consumer'.
What is necessary to act as a 'rational consumer'?

access to
complete
information

addictive
behaviour

choice is
independent
of other
consumers

yes

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CAIE A-Level Economics A2 7.1.5 Limits of Marginal Utility Theory Questions question 1