June 5, 2021
Consumer Equilibrium Utility Analysis Class 11 | Chapter 3 | Economics |
Law of Diminishing Marginal Utility was initially propounded by a German economist H.H. Gossen but was formulated by Alfred Marshall. According to this law, as more and more units of a commodity are consumed, the MU derived from each successive (additional) units goes on declining. It is the first law of Gossen. It is the