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SSC CGL 2021 PYQ — Question 31

SSC CGL - 17 Aug 2021 - Shift 3 • General Awareness • Q31

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Who among the following economists formulated the Law of Diminishing Marginal Utility (DMU)?

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Correct answer: B

Explanation

The correct answer is Option 2 i.e. H.H. Gossen.

The Law of Diminishing Marginal Utility was created by HH Gossen (DMU). In 1854, he created this rule.

  • Three economic principles known as "Gossen's laws" were developed by Hermann Heinrich Gossen (1810–1858).
  • The "law" of diminishing marginal utility, often known as Gossen's First Law, states that marginal utilities are declining over the ranges that are important for making decisions.