The Law of Diminishing Marginal Utility is an economic proposition that states that successive units of a good or service provide less and less satisfaction to a consumer, given that the previous units already have been consumed.
An indifference map is a graphical representation of multiple indifference curves, each depicting sets of combinations of goods that offer incrementally higher levels of satisfaction to a consumer.
Understanding how making a product available at a convenient time enhances its marketability.
Total utility refers to the cumulative satisfaction or benefit that a consumer derives from consuming a particular quantity of goods or services.
