Explain the theory of diminishing marginal utility in economics,as a b – InterviewSolution

1.	Explain the theory of diminishing marginal utility in economics,as a basis for law of demand
Answer» economics, the law of DIMINISHING marginal UTILITY states that the marginal utility of a good or service declines as its available supply increases. ... The law of diminishing marginal utility is used to EXPLAIN other economic phenomena, such as time PREFERENCE.

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