Economy, asked by Sundamikel816, 11 months ago

Explain the theory of diminishing marginal utility in economics,as a basis for law of demand

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Answered by Adityaanand20

Answer:

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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