Define law of Diminishing utility.
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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.
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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 .
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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