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: -Marginal utility is the added satisfaction a consumer gets from having one more unit of a good or service. The concept of marginal utility is used by economists to determine how much of an item consumers are willing to purchase.

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: -As we use more and more of a product, the extra satisfaction we get from using additional quantities begins to decline; this is known as diminishing marginal utility.

Detailed explanation-5: -The law of diminishing marginal utility means that as you use or consume more of something, you will get less satisfaction from each additional unit of that thing.