decreasing marginal utility

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In this concise guide, we demystify the Law of Diminishing Marginal Utility and its relation to diminishing returns in production. From definitions to real-world examples, we cover how the marginal benefit of a good or service decreases with each additional unit consumed. Ideal for A Level and IB Economics students, this microeconomics topic explores the impact of diminishing marginal returns on production functions. Understand the concept in just one minute!

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