Asked by
Angus Donnelly
on Oct 12, 2024
Verified
We are maximizing our utility when the ______ of each good and service we purchase is equal to ______.
A) total utility;its price
B) marginal utility;its price
C) marginal utility;one
D) total utility;one
Marginal Utility
The additional satisfaction or utility that a consumer receives from consuming an additional unit of a good or service.
Total Utility
In economics, the total satisfaction received from consuming a particular quantity of goods or services.
- Acquire knowledge on the impact of marginal utility on decisions related to utility maximization.
- Comprehend how pricing influences consumer choices and enhances their overall utility.
Verified Answer
AD
Learning Objectives
- Acquire knowledge on the impact of marginal utility on decisions related to utility maximization.
- Comprehend how pricing influences consumer choices and enhances their overall utility.
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