You don't need to have studied economics to be familiar with the law of diminishing marginal utility and the idea of consumer surplus. The first has to do with the benefit consumers get from their ...

Understand the key differences between marginal utility and marginal benefit—how they affect pricing, consumer behavior, and ...

The law of marginal utility states that customer satisfaction decreases with each unit purchased. So, the more your customers purchase, the less satisfaction they get from each additional purchase. If ...

Discover the Diamond-Water Paradox—why diamonds cost more than water. Learn about subjective value and marginal utility in economic valuation.