Social Sciences, asked by jiyak8493, 1 year ago

Law of diminishing marginal utility meaning

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Answered by writersparadise
1

Law of diminishing marginal utility states that the marginal utility or the satisfaction of consumption decreases as the consumption of the product increases.


Example:  The satisfaction of drinking cold water for the first time on a sunny afternoon is more, whereas the same water does not provide the same satisfaction the second or the third time. 

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