Answer: Diminishing Marginal Utility
Explanation: Let us define some terms that will help us as we go.
-Utility: this is the satisfaction gotten from the use or consumption of a particular product or service
-Marginal Utility: this is the extra satisfaction derived from consuming an extra unit of a product or service.
-Diminishing: this simply means reducing.
Therefore Diminishing Marginal Utility simply means the reduced satisfaction derived from consuming additional units of a product or service.
