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Question
________ says that the additional benefit which a person derives from a given increase in his stock of a thing diminishes with every increase in the stock that he already has.
________ says that the additional benefit which a person derives from a given increase in his stock of a thing diminishes with every increase in the stock that he already has.
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Solution
The correct option is B Marshall
Alfred Marshall propounded the law of diminishing marginal utility..He stated that as the consumption
increases the marginal utility derived from the each successive units
tends to decline. The consumer is less willing to sacrifice one good to
consume one more additional unit of another good at a higher level of
consumption.
Alfred Marshall propounded the law of diminishing marginal utility..He stated that as the consumption increases the marginal utility derived from the each successive units tends to decline. The consumer is less willing to sacrifice one good to consume one more additional unit of another good at a higher level of consumption.
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