Mary Jane Sudekum, Pharm.D., and Lee C. Vermeulen, M.S. Key Words: therapeutic interchange, guidelines, drug policies, drug. procedures, pharmacy and therapeutics committee, patient care, cost-effective. therapy, American College of Clinical Pharmacy, ACCP, position statement.
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.
What do the income effect, the substitution effect, and diminishing marginal utility have in common? marginal utility diminishes as more of a product is consumed A consumer's demand curve for a product is downsloping because