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Law of Diminishing Marginal Utility

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What is Law of Diminishing Marginal Utility? Example, Definition

  • Post last modified:6 April 2023
  • Post category:Economics
  • Reading time:29 mins read
Law of Diminishing Marginal Utility

The law of diminishing marginal utility states that as the quantity consumed of a commodity continues to increase, the utility obtained from each successive unit goes on diminishing, assuming that the consumption of all other commodities remains the same.

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