Usually means: Value decreases with more consumption.
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We found 7 dictionaries that define the word law of diminishing marginal utility:

General (4 matching dictionaries)
  1. law of diminishing marginal utility: Wiktionary
  2. law of diminishing marginal utility: Infoplease Dictionary
  3. law of diminishing marginal utility: Dictionary.com
  4. Law of diminishing marginal utility: Wikipedia, the Free Encyclopedia

Business (3 matching dictionaries)
  1. Law of Diminishing Marginal Utility: Investopedia
  2. Law of Diminishing Marginal Utility: Financial dictionary
  3. BusinessDictionary.com (No longer online)

Definitions from Wiktionary (law of diminishing marginal utility)

noun:  (economics) In economics, the theory there is a general decrease in the utility of a product, as more units of it are consumed.

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