History, asked by laxmi2776, 7 months ago

explain the law of diminishing marginal utility

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Answered by MMaina

Explanation:

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.

Answered by hewhieh

Answer:

In economics, the law of diminishing marginal utility states that the marginal utility of a good or service declines as its available supply increases. ... The law of diminishing marginal utility is used to explain other economic phenomena, such as time preference

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