WHAT DO U MEAN BY LAW OF DIMINISHING MARGINAL UTILITY
Answer (1)
11th Oct, 2023
Hello aspirant,
According to the law of declining marginal utility, when consumption rises, the marginal utility gained from each extra unit decreases, all other things being equal. The incremental gain in utility that comes from consuming one more unit is known as marginal utility. In economics, the term "utility" denotes contentment or enjoyment. The law of declining marginal utility, to put it simply, states that the more of an item you use or consume, the less satisfaction you derive from each subsequent unit.
Thank you
Hope it helps you.
Comments (0)
Related Questions
Trending Articles/News
