Total utility is best defined as the
A. additional satisfaction received from consuming an additional unit of a good or service.
B. maximum amount of satisfaction from consuming a product.
C. change in marginal utility multiplied by the price of a product.
D. total satisfaction received from consuming a good, service, or combination of goods and services.
Answer: D
You might also like to view...
The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1
The quantity of buckets without the tax is ________ and the quantity with the tax is ________. A) 400; 600 B) 600; 400 C) 400; 400 D) 800; 500 E) 600; 500
In the 1970s, nominal interest rates in the United States were quite high, while real rates were extremely low
Which group "wins" in this circumstance, lenders or borrowers? What might explain the willingness of the "losers" to accept disadvantageous loan terms?