Economy, asked by trisha2173, 1 year ago

Define law of Diminishing utility.

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Answered by hariharan108
0
economists sometimes speak of a law of diminishing marginal utility, meaning that the first unit of consumption of a good or service yields more utility than the second and subsequent units, with a continuing reduction for greater amounts.
Answered by Anonymous
1
Heya user!


Law of dimnishing marginal utility states that as more more unit of commodity are consumed ,marginal utility derived from every additional unit must decline .
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