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The law of diminishing marginal utility is a fundamental concept in classical microeconomic theory, which states that as a consumer consumes more units of a good, the additional satisfaction (or utility) derived from each successive unit tends to decrease. Although this law provides a foundational understanding of consumer behavior, modern economists have raised several criticisms against it, questioning its assumptions and practical applicability. One major ground of criticism is the unrealistic assumptions of the law. The law assumes that utility is measurable in cardinal numbers, meaning that utility can be expressed in exact units. Modern economists, however, argue that utility is subjective and _________ ___ _____ _____ ________ ___ ______ _________ _______ _____ ________ __________.
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