which statement best illustrates the concept of diminishing marginal utility?
Definition and Statement of the Law: The law of diminishing marginal utility describes a familiar and fundamental tendency of human behavior. The law of diminishing marginal utility states that: As a consumer consumes more and more units of a specific commodity, the utility from the successive units goes on diminishing. Mr. H. Gossen, a German economist, was first to explain this law in 1854.