Question

The law of diminishing marginal utility describes the general pattern that continuous consumption of a commodity leads to an eventual decline in _________ from the consumption of that commodity.

Answer 1

The law of diminishing marginal utility describes the general pattern that continuous consumption of a commodity leads to an eventual decline in marginal utility from the consumption of that commodity.

What is the law of diminishing marginal returns?

In Economics, the law of diminishing marginal utility states that as the unit of a good or service consumed by an individual increases, the additional satisfaction he or she derives from consuming additional units would start decreasing or diminishing as the units of good or service consumed increases.

This ultimately implies that, the marginal utility of goods and services is the additional satisfaction that a consumer derives from consuming or buying an additional unit of a good or service.

Read more on diminishing marginal utility here: https://brainly.com/question/15050855

#SPJ1