Asked by
Katelyn Miley
on Oct 12, 2024Verified
When marginal utility is _________,total utility is _________.
A) positive;increasing
B) zero;maximized
C) negative;decreasing
D) All of the choices are correct.
Marginal Utility
Describes the additional satisfaction or usefulness obtained from consuming one more unit of a product or service.
Total Utility
The complete fulfillment experienced from the consumption of a specific overall amount of a product or service.
- Apprehend the theory of marginal utility and its contribution to overall utility.
- Identify the conditions under which consumer surplus and utility are maximized or minimized.
Verified Answer
MA
Learning Objectives
- Apprehend the theory of marginal utility and its contribution to overall utility.
- Identify the conditions under which consumer surplus and utility are maximized or minimized.