Law of diminishing marginal utility

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Law of diminishing marginal utility is when a person receives more of a good, the marginal utility from each additional unit of the good is smaller than from the previous unit.

Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Law of diminishing marginal utility. As a person receives more of a good, the marginal utility from each additional unit of the good is smaller than from the previous unit.
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