Question

Q. 2. Explain the law of diminishing marginal utility. What is its importance

Answer 1

the law of diminishing marginal utility state that the first time a product is conservation it gives more rate of satisfaction but when the same goods or product is been consumed more it gives a low satisfaction. (importance) it encourages the production of more competitive goods. (2). it encourages consumer to take rational decision. #(mark as brainliest) #.