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Glossary > L > "Law of Diminishing Marginal Utility" Definition

Law of Diminishing Marginal Utility

A concept stating that as a person increases consumption of a good or service, and keeps other consumption constant, that the marginal utility derived from each additional unit of consumption will eventually decline.

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Law of Diminishing Marginal Utility - A concept stating that as a person increases consumption of a good or service, and keeps other consumption constant, that the marginal utility derived from each additional unit of consumption will eventually decline.

Law of Diminishing Marginal Utility : a concept stating that as a person increases consumption of a good or service, and keeps other consumption constant, that the marginal utility derived from each additional unit of consumption will eventually decline.