Marginal utility is defined as:
a. the extra satisfaction the consumer receives from an extra $1 of income.
b. the total level of satisfaction a consumer receives upon the consumption of a certain number of goods.
c. the number of hours a consumer would be willing to work to receive a certain product.
d. the extra satisfaction a person derives from consuming an additional unit of a good.
e. a comparison of the utility a good provides with the price of that good.
d
You might also like to view...
Explain how long-run economic profits are linked to entry in monopolistic competition and perfect competition
What will be an ideal response?
The total cost of producing one unit is $50. The total cost of producing two units is $75. At a production level of two units, the cost function exhibits
A) economies of scale. B) rising average costs. C) increasing marginal costs. D) constant returns to scale.