law of diminishing marginal utility

Definition

The law stating that as a person consumes more and more units of a product, past a certain point the perceived benefit from consumption will decrease with each successive unit. This observation is used to predict purchasing behavior by customers, and to adapt sales strategies accordingly.

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I studied the law of diminishing marginal utility and realized that it was really interesting and fun to read about.

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The law of diminishing marginal utility was a concern going forward as our business was booming now but we wanted to secure our future.

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The putt putt course offered play all day for 10 bucks deal. The kids were tired after an hour of play and experienced the law of diminishing marginal utility, as they were no longer finding pleasure in playing.

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law of demand Law of Diminishing Returns