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.