Question

Explain the law of substitution

Answer 1

Answer:

The law of substitution is also known as the law of equi-marginal utility or the law of maximum satisfaction. ... According to this law, if a consumer is to use all the available resource in the consumption of a single commodity then marginal utility,derived from every additional unit will decrease successively.

Explanation:

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Answer 2

ANSWER:

The law of substitution is also known as the law of equi-marginal utility or the law of maximum satisfaction. ... According to this law, if a consumer is to use all the available resource in the consumption of a single commodity then marginal utility,derived from every additional unit will decrease successively.

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