_________ is the first Law of Consumption. / » Fundamentals of Economics solved MCQs / By admin Question: _________ is the first Law of Consumption. A. The Law of Diminishing Marginal Utility B. The Law of Demand C. The Law of Increasing Returns D. All of the above Answer» a. The Law of Diminishing Marginal Utility Note: The above multiple-choice question is for all general and Competitive Exams in India.