Final answer:
The phrase 'consumers generally enjoy the last unit consumed of a good less than the first' describes the economic principle of diminishing marginal utility, a situation where the satisfaction (utility) gained from each additional unit of a good decreases as more of that good is consumed.
Step-by-step explanation:
When consumers enjoy the last unit consumed of a good less than the first, they are experiencing a concept known as diminishing marginal utility. This common pattern occurs because each additional unit of a good consumed provides less of an addition to utility than the previous unit. For instance, while the first slice of pizza may bring considerable satisfaction, the sixth slice is likely to bring far less, as the utility gained from each additional slice diminishes. This principle plays a crucial role in consumer choices and helps explain why we diversify our consumption rather than continuously consume more of the same item.