Question

__________ means the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service?

• A. Consumer Demand
• B. Marginal Utility
• C. Total Utility
• D. Equilibrium

Answer 1

Answer:

B. Marginal Utility

• Marginal Utility means the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service.

• Marginal Utility is a key concept in microeconomics that helps explain how consumers make choices about which goods or services to consume.

• The study of individual and business resource allocation for production, exchange, and consumption is known as microeconomics