THE LAW OF DIMINISHING MARGINAL UTILITY FORMS THEBASIS OFCONSUMERS S – InterviewSolution

1.	THE LAW OF DIMINISHING MARGINAL UTILITY FORMS THEBASIS OFCONSUMERS SURPLUSPRODUCERS SURPLUSΟ Ο Ο ΟLAW OF DEMANDO LAW OF SUPPLY
Answer» tion:AnswerThe LAW of diminishing marginal utility is a law of economics stating that as a PERSON increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product. This law SERVES as the BASIS for the theory of consumer's surplus.

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