Economics A-Level
Law of diminishing marginal utility
What Law of diminishing marginal utility means in Economics A-Level, as defined for AQA.
Definition of Law of diminishing marginal utility
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Reference: AQA
As consumption increases, the additional satisfaction from each extra unit declines.
Topics that use Law of diminishing marginal utility
- Consumer behaviour (AQA A-Level)
Related terms
- Decision making
- Economic incentives
- Hypothesis of diminishing marginal utility
- Rational decision making
- Rationality
- Utility maximisation
- Marginal utility
- Total utility
Using Law of diminishing marginal utility in the exam
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