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Diminishing marginal utility

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Diminishing Marginal Utility

Another key concept in economics is utility, as in the benefit we gain from consuming something; we assume that benefits typically decrease the more we consume of something.

Explain what diminish marginal utility is and how it results in the need for consumers to make choices. 260 words minimum 

Please ensure you demonstrate a clear and accurate understanding of the concept of diminishing marginal utility using an example

Reference no: EM131372749

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