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Law of Diminishing Marginal Utility: At A Glance
Economics as a subject deals with a very important topic or term popularly known as the Law of Diminishing Marginal Utility. This is one of the crucial and basic principles related to the taste and preferences of the consumers. According to the economists like Marshall and others, whenever a particular commodity is consumed at a higher degree by a consumer keeping the consumption of other products static, the desire of consumption of that specific commodity also decreases. A point eventually comes when a consumer no longer desires that product. Here are some of the pointers that state this topic more vividly.
There are few assumptions behind this law.
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