diminishing marginal utility

Definition

The property that marginal utility falls as the quantity consumed of a single good or service rises. This is neither necessary nor sufficient for most common results in economic theory, but it is a property of mostutility functions that are well behaved.

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“ You need to try and find a way to turn around a diminishing marginal utility or get rid of it as quick as you can. ”

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“ The diminishing marginal utility of our product was of some concern but the motivations of the public to consume more were consoling. ”

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“ I had to figure out what diminishing marginal utility meant and that meant I would have to go to my brother, because he knew all about it. ”

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diminishing marginal returns diminishing return