Class 11th Law of Diminishing Marginal Utility

The law of diminishing marginal utility states that as you consume more of a certain product or service while keeping other things constant, the additional satisfaction or pleasure you get from each additional unit decreases. In simpler terms, the more you have of something, the less you enjoy each extra bit.

Think about eating your favorite snack, like chocolate. The first piece is usually super satisfying because you've been craving it. But as you eat more and more, your craving gets satisfied, and each additional piece brings you less enjoyment. This happens because our needs and wants are finite, and as we fulfill them, the extra value we get from more of the same thing decreases.

This concept is important in economics to understand how people make choices about what to consume and how much. It helps explain why we don't keep buying and consuming the same thing endlessly, because the joy we get from it starts to decline with each additional unit.

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