What term is used for the concept that "The additional utility from consumption diminishes as consumption increases."
A) Increasing marginal utility
B) Utilised marginal increase
C) Diminishing marginal utility
D) Utilised marginal diminution

Question

Quizplus · Accepted Answer

Diminishing marginal utility is a fundamental concept in economics that refers to the fact that as a person consumes more of a good or service, the additional utility derived from each additional unit of consumption decreases. Put another way, each additional unit provides less and less additional satisfaction or happiness. This is also known as the law of diminishing marginal utility.

What Term Is Used for the Concept That "The Additional