[amp_mcq option1=”Prof. Paul Samuelson and Giffen” option2=”Prof. A. Marshall” option3=”Prof. J. R. Hicks” option4=”Mrs. John Robinson” correct=”option2″]<\/p>\n
The correct answer is: B. Prof. A. Marshall<\/strong>.<\/p>\n The law of diminishing marginal utility is a fundamental concept in economics that states that as a consumer acquires more of a good, the additional satisfaction (or utility) that they receive from each additional unit of the good decreases.<\/p>\n The law of diminishing marginal utility was first proposed by Alfred Marshall in his 1890 book, Principles of Economics. Marshall argued that the law of diminishing marginal utility was a fundamental principle of human nature, and that it could be used to explain a wide range of economic phenomena.<\/p>\n The law of diminishing marginal utility has a number of important implications for economic theory. For example, it can be used to explain why consumers are willing to pay more for the first unit of a good than they are for subsequent units. It can also be used to explain why firms produce a variety of goods, rather than just one good.<\/p>\n The law of diminishing marginal utility is a powerful tool for understanding economic behavior. It is a fundamental concept that is used in a wide range of economic models.<\/p>\n The other options are incorrect.<\/p>\n [amp_mcq option1=”Prof. Paul Samuelson and Giffen” option2=”Prof. A. Marshall” option3=”Prof. J. R. Hicks” option4=”Mrs. John Robinson” correct=”option2″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-52751","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n\n