ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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. The law of diminishing marginal utility is often used to justify progressive taxes.

Detailed explanation-2: -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.

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 is a term used to determine the worth or value of a good or service. More specifically, utility is the total satisfaction or benefit derived from consuming a good or service.

Detailed explanation-5: -utility The want-satisfying power of a good or service; the satisfaction or pleasure a consumer obtains from the consumption of a good or service.