law of diminishing marginal utility
Definition
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.
law of diminishing marginal utility is in the Banking, Commerce & Finance, Economics, Politics, & Society and Investing subjects.
law of diminishing marginal utility appears in the definition of the following term: diminishing marginal utility
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