Definitions for "Diminishing marginal utility"
A widely observed relationship in which the additional satisfaction (marginal utility) associated with consuming additional units of the same product in a given amount of time eventually declines. View Capstone Lesson(s) that address this concept
the principle that the more of a good that one obtains in a specific period of time, the less is the additional utility yielded by each additional unit of that good
The general tendency for marginal utility to decrease as the quantity of a good consumed increases. (p. 237)