Marginal utility is defined as the
a. average amount of satisfaction gained from consuming a good
b. total amount of satisfaction gained from consuming a good
c. additional satisfaction gained from consuming one more unit of a good
d. total amount of satisfaction gained from consuming a product divided by the number of goods consumed
e. total amount of satisfaction gained from consuming a good times the number of goods consumed
C
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Of the three major economic questions, which of the following is the best example of a "How?" question?
A) Should we produce more heavy fleece coats? B) Should we spend more on health care? C) Should we collect tolls on turnpikes using human toll collectors or mechanized toll machines? D) Should we eat more oatmeal? E) Should we build log homes or build factories from bricks?
The figure above shows the costs and benefits associated with producing paper. What is the marginal external cost when output is 6 tons?
A) $1,600 B) $1,200 C) $1,000 D) $600 E) $400