ACCORDING TO THE LAW OF DIMINISHING MARGINAL UTILITY, SATISFACTION OBTAINED FROM CONSUMPTION OF EACH SUCCESSIVE UNIT
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Explanation:
Law of Diminishing Marginal Utility (DMU) states that as we consume more and more units of a commodity, the utility derived from each successive unit goes on decreasing.
People spend their income on various goods because consuming more and more of any one good reduces the marginal satisfaction obtained from further consumption of the same good.
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