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Marginal utility
(redirected from Diminishing marginal utility)

   Also found in: Acronyms, Encyclopedia, Wikipedia, Hutchinson 0.06 sec.
Marginal utility
The change in total satisfaction as a result of consuming one additional unit of a specific good or service.


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The labor theory of value doesn't take into account the well-established law of diminishing marginal utility, which states that the value to the customer declines with additional consumption of the good in question.
If relative standards of well-being do indeed matter more than absolute standards above a certain minimum threshold, then the fundamental microeconomic assumption of diminishing marginal utility will have to be reexamined.
 
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