Posts

Showing posts from October, 2023
 V. SAILAJA, Lecturer in the Department of Commerce & Management
  The law of diminishing marginal utility states that all else equal, as consumption increases, the marginal utility derived from each additional unit declines. Marginal utility is the incremental increase in  utility  that results from the consumption of one additional unit. "Utility" is an economic term used to  represent satisfaction or happiness .