Explanation:

- Option 1: Adam Smith

- Often known as the father of economics.

- Best known for his concept of the "invisible hand" and contributions to classical economics, not specifically for the Law of Diminishing Marginal Utility.

- Option 2: HH Gossen

- Formulated the Law of Diminishing Marginal Utility, also known as Gossen’s First Law.

- This law states that as a person consumes more units of a good, the additional satisfaction from each additional unit decreases.

- Correct Answer

- Option 3: David Ricardo

- Known for his theory on comparative advantage and contributions to classical economics.

- Did not formulate the Law of Diminishing Marginal Utility.

- Option 4: Milton Friedman

- A 20th-century economist known for his work on monetarism.

- Not associated with the Law of Diminishing Marginal Utility.