| 21. | However, he either did not understand or did not appreciate the importance of marginal utility ."
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| 22. | This is the law of diminishing marginal utility.
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| 23. | He applies insofar as the representative of the marginal utility theory " avant la lettre ".
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| 24. | B�hm-Bawerk also argued that the law of marginal utility necessarily implies the classical law of costs.
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| 25. | I found a link here, which states " Limitation of the Law of Equi-Marginal Utility ".
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| 26. | In a perfectly competitive market, supply and demand equate marginal cost and marginal utility at equilibrium.
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| 27. | Under this assumption, marginal concepts, including marginal utility, may be expressed in terms of differential calculus.
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| 28. | But marginalism and the concept of marginal utility predate the establishment of this convention within economics.
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| 29. | Although Menger accepted the marginal utility theory, he made deviations from the work of other neoclassical pioneers.
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| 30. | Just like the supply curves reflect marginal cost curves, demand curves are determined by marginal utility curves.
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