Asked by April Thompson on Jul 27, 2024
Verified
Total utility is best defined as the
A) change in marginal utility multiplied by the price of a product.
B) maximum amount of satisfaction from consuming a product.
C) total satisfaction received from consuming a given amount of a product.
D) additional satisfaction received from consuming one more unit of a product.
Total Utility
The complete fulfillment obtained from the consumption of a specific overall amount of a product or service.
Satisfaction
The feeling of fulfillment or contentment one derives from meeting a need or desire.
- Grasp the nexus between total utility and marginal utility.
Verified Answer
MA
Mohammed AlsayeghJul 29, 2024
Final Answer :
C
Explanation :
Total utility refers to the total amount of satisfaction or pleasure a person derives from consuming a certain quantity of goods or services.
Learning Objectives
- Grasp the nexus between total utility and marginal utility.