TOTD: Law of Diminishing Marginal Utility

LAW OF DIMINISHING MARGINAL UTILITY:

A principle stating that as the quantity of a good consumed increases, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps to explain the negative slope of the demand curve and the law of demand.

via amosweb