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Utility is the satisfaction consumers gain from consuming goods and services. Economists measure satisfaction with the concept of utility and observe diminishing marginal utility over time.
Utility is the economic term that describes the satisfaction consumers derive from consuming goods and services. Economists use the concept of utility to measure a person's level of satisfaction or happiness with their choices. The law of diminishing marginal utility explains how the additional satisfaction from consuming each additional unit of a good decreases over time.
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