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What is Understanding Diminishing Marginal Utility about?
The law of diminishing marginal utility states that as consumption of a good increases, the marginal utility of each additional unit decreases. This is because the first few units of a good provide much more satisfaction than later units. For example, the first plate of food eaten at a buffet may be highly enjoyable, but each additional plate provides less satisfaction. Most people stop eating when marginal utility drops very low or becomes negative (disutility from overeating). The concept of marginal util
- Author
- Lokesh Kumar
- Language
- EN