Question

what do you mean by the law of diminishing marginal utility?​

Answer 1

Law of diminishing marginal utility states that as more and more units of a commodity are consumed, marginal utility derived from each successive unit goes on diminishing.

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Answer 2

Question ⤵

What do you mean by the law of diminisbing marginal utility ?

Answer ♡ ⬇

• The Law Of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit declines.

• Marginal utility is the incremental increase in utility that results from consumption of one additional unit.

Extra Information ⬇

☞The law of diminishing marginal utility is comprehensively explained by Alfred Marshall.

☞“During the course of consumption, as more and more units of a commodity are used, every successive unit gives utility with a diminishing rate, provided other things remaining the same; although, the total utility increases.”

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