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noun, Economics.
the law that for a single consumer the marginal utility of a commodity diminishes for each additional unit of the commodity consumed.


Read Also:

  • Law-of-definite-composition

    noun 1. Chemistry. the statement that in a pure compound the elements are always combined in fixed proportions by weight. 2. Logic. the law that either a proposition or its denial must be true.

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    law of dominance See under Mendel’s law.

  • Law of effect

    noun 1. (psychol) another name for Thorndike’s law See Thorndike

  • Law-of-excluded-middle

    noun, Logic. 1. the principle that any proposition must be either true or false.

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