What Is the Concept of Diminishing Marginal Utility?

The law of diminishing marginal utility states that the marginal utility of a product or service gradually decreases with an increase in the level of its consumption. Here utility is expressed as satisfaction or benefit.

For e.g., If you are hungry, you need food to satisfy your hunger. But, if you keep on consuming lots of food one by one, then you will be less hungry with each additional bite of food.

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