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Marginal utility |
Also found in: Acronyms, Encyclopedia, Wikipedia, Hutchinson | 0.06 sec. |
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Marginal utility The change in total satisfaction as a result of consuming one additional unit of a specific good or service. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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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