what is law of diminishing marginal utility?
Answers
Explanation:
The Law Of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit declines. ... Utility is an economic term used to represent satisfaction or happiness.
Explanation:
Law of diminishing marginal utility is one of the important law in consumption.It is based on one of the important characteristics of 'Human Wants' i.e., "A particular want is fully satiable" , it means A particular want can be fully satisfied at any time.
According to German Economist H.H.Gossen introduced this law for the 1st time that is why this law is called as " Gossen's first law " . later this law popularised by professor " Alfered Marshall " .
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