law of diminishing marginal utility
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The LAW OF DIMINISHING MARGINAL UTILITY states that all else equal as consumption increase the marginal utility derived from each additional unit decline.
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- it states that all else equal as consumption increases the marginal utility derived from each additional unit declines...
- this law was developed by CARL MENGER....
- for example: consuming one candy may satisfy a person's sweet tooth..if a second candy bar is consumed the satiafication of eating that second bar will be less than the satisfaction gained from eating the first....
hope it helps you....have a great day....
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