Asked by
Sabrina Krohn
on Oct 08, 2024
Verified
Total utility may be determined by:
A) multiplying the marginal utility of the last unit consumed by the number of units consumed.
B) summing the marginal utilities of each unit consumed.
C) multiplying the marginal utility of the last unit consumed by product price.
D) multiplying the marginal utility of the first unit consumed by the number of units consumed.
Total Utility
The total satisfaction received from consuming a given total quantity of a good or service.
Marginal Utility
The additional satisfaction or benefit received from consuming one more unit of a good or service.
Number
A mathematical object used to count, measure, and label.
- Describe the association between marginal utility and cumulative utility.
Verified Answer
MC
Learning Objectives
- Describe the association between marginal utility and cumulative utility.