ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Marginal utility is the extra usefulness or additional satisfaction a person gets from acquiring or using one more unit of a product. Diminishing market utility is the feeling that as we use more and more of a product we no longer receive the extra satisfaction we get from using additional quantities of the product.

Detailed explanation-2: -The law of diminishing marginal utility states the marginal utility from an additional unit of consumption declines as the quantity of consumed goods increases. Consumers choose their baskets of goods by equating marginal utility of a good to its price, which is a marginal cost of consumption.

Detailed explanation-3: -marginal utility, in economics, the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service.

Detailed explanation-4: -In economics, utility refers to the satisfaction levels consumers receive from buying and using a product or service. According to utility theory, people make purchase decisions based on the degree of satisfaction they get from an item or service.

Detailed explanation-5: -Marginal benefits are the maximum amount a consumer will pay for an additional good or service. A marginal benefit is also the additional satisfaction that a consumer receives when the additional good or service is purchased. The marginal benefit generally decreases as consumption increases.