-
utility as the function of the amount of money I receive
-
is downwardly-concave.
-
The exact shape of the curve is subject to discussion,
-
but the point of diminishing marginal utility is that,
-
as you get more and more money,
-
the increment in utility for each extra dollar diminishes.
-
Usually we say it never goes down,
-
we don't have it going down, cross that out.
-
That would be where having more money makes you less happy.
-
That may actually work that way,
-
but our theory says no,
-
you always want more.