law of diminishing marginal utility definition

law of diminishing marginal utility

Psychological generalization that the perceived value of, or satisfaction gained from, a good to a consumer declines with each additional unit acquired or consumed. Even the most delicious food, for example, will appeal less and less to its partaker as its consumption reaches his or her satiation point and, if the consumption continues, will result in sickness (disutility). Consumers deal with this phenomenon by consuming a variety of goods rather than lots of one good.

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