In Chаpter 3 оf оur textbоok, we leаrned thаt the demand curve is downward sloping due to the 1. income effect, 2. the substitution effect, and 3. the Law of Diminishing Marginal Utility. The textbook stated that the idea that each additional unit of a good consumed provides less satisfaction was first recognized in a famous publication dating all the way back to 1854. Identify either the name of this economist from the textbook or the title of his original 1854 work.
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