law of diminishing marginal utility

English

Noun

law of diminishing marginal utility (plural laws of diminishing marginal utility)

  1. (economics) The theory that as the quantity of a good or service consumed increases, the additional satisfaction (marginal utility) gained from each additional unit decreases, reflecting a general decline in utility for each successive unit consumed.
This article is issued from Wiktionary. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.