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law of diminishing marginal utility

American  

noun

Economics.

  1. the law that for a single consumer the marginal utility of a commodity diminishes for each additional unit of the commodity consumed.

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023

Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.

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