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In the utility approach________explains________.

(a) Hicks & Allen, Consumer Behaviour (b) Alfred Marshall, Law of diminishing marginal utility (c) Alfred Marshall, Law of Equi Marginal Utility (d) Both (a) & (b).

Your Answer

In the utility approach, Alfred marshall explains the Law of Diminishing Marginal Utility. This concept states when consumption increases, the marginal utility derived from each additional unit declines.

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