Which of the following might NOT be a justified criticism when evaluating the law of diminishing marginal utility?
1
It assumes rationality in all consumer decisions, overlooking emotional or social influences.
2
It presupposes the ability to accurately and universally measure utility, an inherently subjective concept.
3
It fails to account for the impact of long-term technological advancements on utility and consumption.
4
It underestimates the significance of consumer surplus in market transactions.