State with reason whether you agree or disagree : There are no real exceptions to the law of Diminishing Marginal Utility.

Answer: I agree with the statement.

Reasons: The law of DMU states that as a consumer consumes more units of a commodity, the marginal utility of each successive unit goes on diminishing. Certain cases appear to be exceptions, but they are not real exceptions:

1. Hobbies: For collectors of stamps or coins, each additional unit seems to give more utility. But each new stamp is a different item, and the utility of the same stamp diminishes.
2. Drunkards: A drunkard seems to get more utility from each peg, but this violates the assumption of a normal, rational consumer.
3. Miser: A miser seems to get rising utility from more money, but this too is abnormal behaviour.
4. Reading / music: More books or songs seem to give more satisfaction, but the same book read repeatedly gives diminishing utility.
5. Money: More money seems to bring more utility, yet the MU of money also diminishes for a person as their stock of money rises, though slowly.

These apparent exceptions arise only when the assumptions of the law (homogeneous units, standard size, continuous consumption, rational consumer, constant tastes) are not satisfied. Hence the law has no real exceptions; it is a universal law.