The law stating that as a person consumes more and more units of a product, past a certain point the perceived benefit from consumption will decrease with each successive unit. This observation is used to predict purchasing behavior by customers, and to adapt sales strategies accordingly.
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Economists sometimes speak of a law of diminishing marginal utility, meaning that .... "The law of diminishing marginal utility is at the heart of the explanation of ...
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Definition of law of diminishing marginal utility: A psychological generalization that the perceived value of, or satisfaction gained from, a good to a consumer ...
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Law of Diminishing Marginal Utility. Also found in: Acronyms, 0.01 sec. Law of Diminishing Marginal Utility. In economics, the theory that for each additional unit ...
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In its most general form, the "law" of diminishing marginal utility states that, in the absence of "tipping points", as increasing amounts of a good or of a service are ...