In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.

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What do you mean by law of diminishing marginal utility?

The Law Of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit declines. ... Utility is an economic term used to represent satisfaction or happiness.

What is an example of diminishing marginal utility?

Diminishing Marginal Utility. Consuming one candy bar may satisfy a person's sweet tooth. If a second candy bar is consumed, the satisfaction of eating that second bar will be less than the satisfaction gained from eating the first. If a third is eaten, the satisfaction will be even less.

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