Examlex
This leader avoids intervening or accepting responsibility for follower actions.
Consumer Surplus
The difference between the maximum amount a person is willing to pay for a good and its current market price.
Law of Diminishing Marginal Utility
An economic principle stating that as consumption of a good or service increases, the marginal utility derived from each additional unit decreases.
Marginal Utility
Marginal Utility is the added satisfaction or benefit a consumer receives from consuming one more unit of a good or service.
Diminishing Marginal Utility
The principle that the utility or satisfaction gained by consuming each additional unit of a good or service decreases as more of that good or service is consumed.
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