- law of diminishing utility
- : a principle in social science: as one acquires successive units of a good, the intensity of desire for additional units declines
Useful english dictionary. 2012.
law of diminishing utility
Look at other dictionaries:
Law Of Diminishing Marginal Utility — A law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant there is a decline in the marginal utility that person derives from consuming each additional unit of that product … Investment dictionary
law of diminishing marginal utility — Econ. the law that for a single consumer the marginal utility of a commodity diminishes for each additional unit of the commodity consumed. * * * … Universalium
law of diminishing marginal utility — Econ. the law that for a single consumer the marginal utility of a commodity diminishes for each additional unit of the commodity consumed … Useful english dictionary
law of diminishing marginal utility — noun In economics, the theory there is a general decrease in the utility of a product, as more units of it are consumed … Wiktionary
Diminishing returns — Economics … Wikipedia
Utility — This article is about the economic concept. For other uses, see Utility (disambiguation). Part of a series on Utilitarianism … Wikipedia
marginal utility — Econ. the extra utility or satisfaction derived by a consumer from the consumption of the last unit of a commodity. [1920 25] * * * In economics, the additional satisfaction or benefit (utility) that a consumer derives from buying an additional… … Universalium
Law — /law/, n. 1. Andrew Bonar /bon euhr/, 1858 1923, English statesman, born in Canada: prime minister 1922 23. 2. John, 1671 1729, Scottish financier. 3. William, 1686 1761, English clergyman and devotional writer. * * * I Discipline and profession… … Universalium
law — law1 lawlike, adj. /law/, n. 1. the principles and regulations established in a community by some authority and applicable to its people, whether in the form of legislation or of custom and policies recognized and enforced by judicial decision. 2 … Universalium
Marginal utility — In economics, the marginal utility of a good or service is the utility gained (or lost) from an increase (or decrease) in the consumption of that good or service. Economists sometimes speak of a law of diminishing marginal utility, meaning that… … Wikipedia
