Economics A-Level
Hypothesis of diminishing marginal utility
What Hypothesis of diminishing marginal utility means in Economics A-Level, as defined for AQA.
Definition of Hypothesis of diminishing marginal utility
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Reference: AQA
As a person consumes more units of a good in a given timeframe, the marginal utility from each successive unit eventually declines.
Topics that use Hypothesis of diminishing marginal utility
- Consumer behaviour (AQA A-Level)
Related terms
- Decision making
- Economic incentives
- Rational decision making
- Rationality
- Utility maximisation
- Law of diminishing marginal utility
- Marginal utility
- Total utility
Using Hypothesis of diminishing marginal utility in the exam
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