Question

State and explain the law of diminishing
marginal utility with exceptions. ​

Answer 1

Answer:

The law of diminishing marginal utility state that all else are equal as consumption increases the marginal utility derived from each additional unit decline.

Explanation:

Marginal utility is derived as change in utility as an additional unit is consumed. utility is an economic term used to represent satisfactory or happiness.

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Answer 2

Answer:

The law of diminishing marginal utility states that as more and more of goods are consumed, the utility derived from them falls. However, there is an exception to this law. It is observed that a consumer sometimes gain more utility as more and more of a good is consumed.