Ankita Singhvi posted an Question
September 13, 2020 • 15:21 pm 12 points
  • UGC NET
  • Commerce

Short description on law of diminishing marginal utility

short description on law of diminishing marginal utility

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  • Rucha rajesh shingvekar Best 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 derived as the change in utility as an additional unit is consumed. Utility is an economic term used to represent satisfaction or happiness.

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