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The law of diminishing marginal utility, a fundamental principle in classical economics, states that as a consumer consumes successive units of a commodity, the additional satisfaction (or marginal utility) derived from each additional unit decreases, holding all other factors constant. While this law provides a basic understanding of consumer behavior, it has been criticized by modern economists on several theoretical and empirical grounds. One major criticism is that the law is based on the concept of *cardinal utility*, which assumes that utility can be measured in absolute units. Modern economists argue that utility is inherently subjective and cannot be quantified precisely. Instead, ________ ___ ____ ___ _______ ________ ________ __________ ________ __________ _____.
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