law of diminishing marginal utility

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.

Example Sentences

“When food fails to cheer up a Greek,” says the chef trained in the law of diminishing marginal utility at L’Institut Superieur Europeen de Gestion, “we have a serious equilibrium problem.”

From BusinessWeek