marginal utility
Definition
Change in total satisfaction derived from the purchase of one additional or incremental unit of a specific good or service, all else being equal. Concept of marginal utility is basic to demand theory which states that marginal utility diminishes as the consumption of an item increases.
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marginal utility is in the Economics, Politics, & Society subject.
marginal utility appears in the definitions of the following terms: Austrian School of Economics and utility theory
marginal utility appears in these other terms: law of diminishing marginal utility, principle of diminishing marginal utility, marginal utility of money, declining marginal utility, diminishing marginal utility
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