law of diminishing marginal utility

noun

The theory that as the quantity of a good or service consumed increases, the additional satisfaction (marginal utility) gained from each additional unit decreases, reflecting a general decline in utility for each successive unit consumed.

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Meanings

nounlaw of diminishing marginal utility (plural laws of diminishing marginal utility)

plural laws of diminishing marginal utility

  1. economicsThe theory that as the quantity of a good or service consumed increases, the additional satisfaction (marginal utility) gained from each additional unit decreases, reflecting a general decline in utility for each successive unit consumed.
Cite this entry
APA

law of diminishing marginal utility. (n.d.). In WatkinsX Dictionary. Retrieved November 5, 2026, from https://dictionary.watkinsx.com/word/law%20of%20diminishing%20marginal%20utility

MLA

“law of diminishing marginal utility.” WatkinsX Dictionary, https://dictionary.watkinsx.com/word/law%20of%20diminishing%20marginal%20utility. Accessed November 5, 2026.

Chicago

WatkinsX Dictionary, s.v. “law of diminishing marginal utility,” accessed November 5, 2026, https://dictionary.watkinsx.com/word/law%20of%20diminishing%20marginal%20utility.

Source: law of diminishing marginal utility on Wiktionary, CC BY-SA 4.0.