Concavity of utility function = diminishing marginal utility.
Edit: That should probably be convexity, but you should also have said convexity.
(I usually specify whether I mean concave upwards or concave downwards because I can never remember the standard meaning of convave by itself...)
Concavity of utility function = diminishing marginal utility.
Edit: That should probably be convexity, but you should also have said convexity.
(I usually specify whether I mean concave upwards or concave downwards because I can never remember the standard meaning of convave by itself...)