write short note on law of diminishing utility
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The Law Of Diminishing Marginal Utility statesthat, 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.
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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.
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