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Questions
Questions
Single choice

Which of the following defines marginal utility?

Options
A.the change in total utility divided by the price of a product
B.the additional satisfaction or happiness received from the consumption of an additional unit of a good or service
C.the total satisfaction or happiness received from the consumption of a good, service, or combination of goods and services
D.the maximum amount of satisfaction or happiness derived from consuming a product
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Standard Answer
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Approach Analysis
Let's break down what marginal utility means and evaluate each option against that concept. Option 1: 'the change in total utility divided by the price of a product' This mixes a derivative idea (change in total utility) with a division by price, which is not how marginal utility is de......Login to view full explanation

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