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Law of Diminishing Marginal Utility

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Question

does law of dimnishing marginal utility be applicable on services?if yes how?

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Solution

Dear student
Law of dimnishing marginal utility is not applicable on services and money because it states that as a consumer consumes more and more units of a commodity in succession then, the utility derived from consumption of each additional unit of the commodity falls.
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Law of Diminishing Marginal Utility

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