This law expresses the mode of consumer satisfaction of a commodity. The principle behind the law of diminishing marginal utility is that, as we consume more and more of a commodity, the utility that we derive from that commodity keeps diminishing. According to this law as a person purchases more and more units of a commodity, its marginal utility keeps decreasing.
Note: This is published for the internal use (of St. Philomena's College students) only and hence requires verification.
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