What concept in economics is Jevons credited with contributing to?
Laissez-faire
Supply and Demand
Marginal Utility
Keynesian Economics
Answer
Marginal utility, attributed to William Jevons, revolves around the additional satisfaction gained from consuming one more unit of a good or service. It highlights how this satisfaction diminishes with each successive unit consumed, forming the basis of diminishing marginal utility. This concept plays a pivotal role in microeconomics, guiding consumer behavior and influencing production and pricing strategies by firms.
Unlocking the Genius of William Stanley Jevons: A Voyage Through Economic Thought and Logical Mastery
Related Quizzes
Subscribe Now!
Learn something
new everyday
Playing quizzes is free! We send 1 quiz every week to your inbox