Question: WHAT IS YOUR REFLECTION OR LEARNING ABOUT THESE THINGS? Law of Diminishing Marginal Utility The law of diminishing marginal utility states that as more of

WHAT IS YOUR REFLECTION OR LEARNING ABOUT THESE THINGS?

Law of Diminishing Marginal Utility

The law of diminishing marginal utility states that as more of the good is consumed, the additional satisfaction from another bite will eventually decline. The marginal utility is the satisfaction gained from each additional bite. As more of the good is consumed, we gain less additional satisfaction from consuming another unit.Thus even if a good were free and you could consume as much as you wanted, there would be a limit to the amount you would consume due to the law of diminishing marginal utility.

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