Question

The term ___________________ is used to describe the common pattern whereby each marginal unit of a consumed good provides less of an addition to utility than the previous unit.

Answer 1

Answer:

diminishing marginal utility.

Explanation:

The term diminishing marginal utility is used to describe the common pattern whereby each marginal unit of a consumed good provides less of an addition to utility than the previous unit.

In Economics, The law of diminishing marginal utility states that as the unit of a good or service consumed by an individual increases, the additional satisfaction he or she derives from consuming additional units would start decreasing or diminishing as the units of good or service consumed increases.

For example, buying a chocolate bar and eating it may satisfy your cravings but eating another one wouldn't give you as much satisfaction as the first due to diminishing marginal utility.