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What is the law of diminishing marginal utility?
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What is the law of diminishing marginal utility?
In economics, the law of diminishing marginal utility states that the marginal utility of a good or service declines as its available supply increases. Economic actors devote each successive unit of the good or service towards less and less valued ends.
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What is the law of diminishing marginal utility?
Law of diminishing marginal utility state that when a consumer consume more & more unit of a particular commodity, than Marginal utility of every additional unit must be decline.
Community Answer
What is the law of diminishing marginal utility?
Law of diminishing marginal utility states that....if a person consumes more and more of a commodity then marginal utility derived from it will start diminishing.
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What is the law of diminishing marginal utility?
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What is the law of diminishing marginal utility? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about What is the law of diminishing marginal utility? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the law of diminishing marginal utility?.
What is the law of diminishing marginal utility? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about What is the law of diminishing marginal utility? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the law of diminishing marginal utility?.
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