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I know this is meant to be a really simple concept, but can anyone please explain this to me?

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1 Answer

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A quick Google search yields an explanation from Investopedia.


  The additional satisfaction, or
  utility, that a person receives from
  consuming an additional unit of a good
  or service. In a normal situation, the
  marginal benefit will decrease as
  consumption increases.
  
  For example, assume there is a
  consumer wishing to purchase an
  additional burger. If this consumer is
  willing to pay $10 for that additional
  burger, then their marginal benefit of
  consuming that burger is $10. The more
  burgers the consumer has, the less
  they will want to pay for the next
  one. This is because the benefit
  decreases as the quantity consumed
  increases.


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