Question

explain the law of diminishing marginal utility​

Answer 1

Answer:

law of diminishing marginal utility is as follows..

when we use more and more units of a commodity the marginal unit is diminishing or decreased.this is called law of diminishing marginal utility..

there is an opposite relation between price of the commodity and demand

hope it's helpful..

Answer 2

Hello !

      The Law Of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit declines. Marginal utility is derived as the change in utility as an additional unit is consumed. Utility is an economic term used to represent satisfaction or happiness. Marginal utility is the incremental increase in utility that results from consumption of one additional unit.

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