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Question
Law of equilibrium marginal utility was propounded by _______.
Law of equilibrium marginal utility was propounded by _______.
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Solution
The correct option is B Gossen
Hermann Heinrich Gossen was a Prussian economist who propounded the law of equilibrium marginal utility.
The law of equilibrium marginal utility states that the consumer will distribute his money income between the goods in such a way that the utility derived from the last rupee spend on each good is equal. In other words, consumer is in equilibrium position when marginal utility of money expenditure on each goods is the same.
Hermann Heinrich Gossen was a Prussian economist who propounded the law of equilibrium marginal utility.
The law of equilibrium marginal utility states that the consumer will distribute his money income between the goods in such a way that the utility derived from the last rupee spend on each good is equal. In other words, consumer is in equilibrium position when marginal utility of money expenditure on each goods is the same.
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