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31 May, 17:06

Explain how the principle of diminishing marginal utility is related to the downward-sloping demand curve.

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  1. 31 May, 18:50
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    The law of diminishing marginal utility states that when a person consumes greater and greater units, the marginal utility of extra units declines as additional units are derived from marginal utility.

    Since by consuming more and more units, the utility derived from an additional units goes on decreasing basis that reflects the demand curve is slope downwards.
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