What is the difference between total utility and marginal utility?
Please provide the best answer for the statement.
Marginal utility is the additional satisfaction received from consuming one more unit of a product. Total utility is the overall or total satisfaction received from consuming some particular amount of the product. Total utility can be determined by summing the marginal utility for each unit of a product that is consumed.
You might also like to view...
The monetary policy strategy that directly ties down the price of internationally traded goods is
A) exchange-rate targeting. B) monetary targeting. C) inflation targeting. D) the implicit nominal anchor.
The income effect is the
A) increase in the interest rate caused by an increase in Real GDP.
B) increase in the interest rate due to a higher expected inflation rate.
C) decrease in the interest rate due to an increase in the supply of loanable funds.
D) change in national income brought about by a change in interest rates.
E) rate of change in national income brought about by a change in the supply of money.