Question

Explain law of diminishing marginal utility

Answer 1

The law of diminishing marginal utility is a law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

Answer 2

The diminishing marginal utility is a law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant there is a decline of marginal utility that a person derives for consumption each additional unit of that product.