Gossen's laws

Gossen's laws, named for Hermann Heinrich Gossen (1810–1858), are three laws of economics:Gossen's First Law is the "law" of diminishing marginal utility: that marginal utilities are diminishing across the ranges relevant to decision-making. Gossen's Second Law, which presumes that utility is at least weakly quantified, is that in equilibrium an agent will allocate expenditures so that the ratio of marginal utility to price is equal across all goods and services. where is utility is quantity of the -th good or service is the price of the -th good or serviceGossen's Third Law is that scarcity is a precondition for economic value.

This keyword could refer to multiple things. Here are some suggestions: