Asked by zereniah mungate on May 04, 2024
Verified
The amount by which an additional unit of a good or service changes a consumer's total satisfaction,all other things unchanged,is _____ utility.
A) marginal
B) maximum
C) average
D) expected
Marginal Utility
The increased value or pleasure an individual obtains from using another unit of a certain service or good.
Total Satisfaction
A measure of the overall happiness or contentment derived from consuming a combination of goods and services.
Consumer's
Related to or involving the actions and decisions of individuals who purchase goods and services for personal use.
- Set apart marginal utility from total utility in terms of their definitions.
Verified Answer
Learning Objectives
- Set apart marginal utility from total utility in terms of their definitions.
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