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Unformatted text preview: goes on falling because utility is subjective. The law is based on the satiability characteristic of wants. This is called the Diminishing Marginal Utility (DMU) principle. Marshall has stated the DMU as follows: 1) As the stock of commodity that a person already possesses, 2) increases , 3) the additional benefit that a person receives, 4) will increase but not as fast as the stock itself....
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This note was uploaded on 11/26/2011 for the course ECONOMIC ec 201 taught by Professor - during the Fall '10 term at Montgomery.
- Fall '10