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What’s the law of diminishing marginal utility?

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تم إضافة السؤال من قبل Mohammed Abdulrahim , Senoir financial Accountant , Aljammaz Group
تاريخ النشر: 2016/01/13
Sultan Alghamdi
من قبل Sultan Alghamdi

In economics, the law of diminishing marginal utility states  that, as a person increases consumption of a product, while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

Abu Yusuf Fayzulloh
من قبل Abu Yusuf Fayzulloh , Shutdown Planner , Site construction of Heaters.

 In economics, the law of diminishing marginal utility states that the marginal utility of a good or service declines as it's available supply increases. Economic actors devote each successive unit of the good or service towards less and less valued ends. The law of diminishing marginal utility is used to explain other economic phenomena, such as time preference.

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