Asked by Patricia Tucker’Hicks on Jul 28, 2024
Verified
Which of the following defines marginal utility?
A) the change in total utility divided by the price of a product
B) the maximum amount of satisfaction from consuming a product
C) the total satisfaction derived from a certain amount of the product
D) the additional satisfaction from consuming one more unit of a product
Marginal Utility
The added utility or pleasure derived by a consumer from consuming another unit of a good or service.
Additional Satisfaction
The joy or utility gained from consuming one more unit of a good or service.
- Apprehend the correlation between total utility and marginal utility.
Verified Answer
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Final Answer :
D
Explanation :
Marginal utility refers to the additional satisfaction a consumer gains from consuming one more unit of a good or service.
Learning Objectives
- Apprehend the correlation between total utility and marginal utility.