Question : Who has propounded the law of diminishing marginal utility?
Option 1: Marshall
Option 2: AC Pigou
Option 3: Gossen
Option 4: Hicks and Allen
Answer (1)
14th Jan, 2024
Correct Answer: Gossen
Solution :
Gossen is the proponent of the Law of Diminishing Marginal Utility.
The Law of diminishing marginal utility states that the marginal utility of a good or service declines as more of it is consumed by an individual.
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