Question

As a consumer consumes more of a good or service, the additional satisfaction of consuming the additional units goes down. This is called the law of:.

Answer 1

As a consumer consumes more of a good or service, the additional satisfaction of consuming the additional units goes down. This is called the law of diminishing marginal utility.

What is utility?

It should be noted that utility simply means the satisfaction that's derived from using a good or service.

In this case, as a consumer consumes more of a good or service, the additional satisfaction of consuming the additional units goes down. This is called the law of diminishing marginal utility.

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