law of diminishing marginal utility
law of diminishing marginal utility
Glossary micro and macro economics
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Economics
Definition of law of diminishing marginal utility
law of diminishing marginal utility : the principle that as a consumer increases the consumption of a good or service, the marginal utility obtained from each additional unit of the goods/service decreases.
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Glossary micro and macro economics
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Definition and meaning of law of diminishing marginal utility
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