The law of diminishing marginal utility states that the marginal utility of a product decreases with the consumption of successive units of the same product.
In other words it means that as a consumer consumes more and more units of a specific product, the utility from the successive unit goes on diminishing.
For instance, If a thirsty man drinks water, then the first glass that he drinks will have more utility as compared to the successive glasses of water that he drinks.
