QuestionQuestion 21 (1 point)
Marginal utility is the:
change in total utility realized by consuming one more unit of a good.
change in total utility realized by consuming another unit of a good divided by the change in the price of that good.
total utility associated with the consumption of a certain number of units of a good divided by the number of units consumed.
sensitivity of consumer purchases of a good to changes in the price of that good.
uestion 22 (1 point)
Studdy Solution
STEP 1
1. Understanding of the concept of marginal utility in economics.
STEP 2
1. Define marginal utility.
2. Identify the correct definition from the options provided.
STEP 3
Define marginal utility:
Marginal utility is the additional satisfaction or utility gained from consuming one more unit of a good or service.
STEP 4
Identify the correct definition from the options:
The correct option is:
- Change in total utility realized by consuming one more unit of a good.
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