marginal utility
US
・UK
A1
n. (u.)Uncountable NounThe additional satisfaction or benefit (utility) that a consumer receives from having one more unit of a good or service.
The law of diminishing marginal utility suggests that as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
Video subtitles
Demand and Supply Explained- Econ 2.1
- It's the reason for the law of demand, it's the substitution effect, the income effect, and the law of diminishing marginal utility.
It's the reason for the law of demand, it's the substitution effect, the income effect, and the law of diminishing marginal utility.
- And the third reason for the law of demand is something called the law of diminishing marginal utility.
And the third reason for the law of demand is something called the law of diminishing marginal utility.