Asked by
Saryah Winborne
on Oct 27, 2024
Verified
If total utility is at a maximum,marginal utility is:
A) rising.
B) at its average value.
C) at a maximum.
D) zero.
Marginal Utility
The additonal satisfaction or utility that a person receives from consuming an additional unit of a good or service.
Total Utility
The total satisfaction or benefit gained from consuming a particular quantity of goods and services.
Maximum
The highest point on a nonlinear curve, where the slope changes from positive to negative.
- Familiarize yourself with the principle of diminishing marginal utility and its repercussion on consumer choices.
Verified Answer
AM
Learning Objectives
- Familiarize yourself with the principle of diminishing marginal utility and its repercussion on consumer choices.
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