Law of diminishing marginal utility
The Law of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit declines. Marginal utility is derived as the change in utility as an additional unit is consumed. Utility is an economic term used to represent satisfaction or happiness. Marginal utility is the incremental increase in utility that results from consumption of one additional unit—Read more at Investopedia. Kenton, Will. “Law of Diminishing Marginal Utility.” 14 July 2019.