Asked by zereniah mungate on May 04, 2024

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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.
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KA
Kiara AlbarracinMay 11, 2024
Final Answer :
A
Explanation :
Marginal utility refers to the additional satisfaction a consumer receives from consuming one more unit of a good or service, keeping all other factors constant. Maximum and average utility are not relevant concepts in this context, while expected utility refers to the overall subjective value a consumer places on a particular outcome, considering its probability and potential consequences.