The law of substitution is also known as the law of equi-marginal utility or the law of maximum satisfaction. ... According to this law, if a consumer is to use all the available resource in the consumption of a single commodity then marginal utility,derived from every additional unit will decrease successively.
Answer:The law of substitution is also known as the law of equi-marginal utility or the law of maximum satisfaction. ... According to this law, if a consumer is to use all the available resource in the consumption of a single commodity then marginal utility,derived from every additional unit will decrease successively.
