Which of the following are the assumptions of the Law of diminishing utility?
1. Units of commodities consumed should be identical or homogeneous
2. The taste of the consumers should be constant
3. The consumer is rational while making consumption decisions
4. Units should be of a standard size
Select the correct answer using the code given below.
1
1, 2 and 3
2
2, 3 and 4
3
1 and 4 only
4
1, 2, 3 and 4