Examlex
Write the correct meaning for IOL:
Diminishing Marginal Utility
The principle that as an individual consumes more of a good, the utility (satisfaction or benefit) gained from each additional unit decreases.
Total Utility
The overall satisfaction or value a consumer receives from consuming a particular quantity of a good or service.
Marginal Utility
The extra pleasure or benefit obtained from consuming an extra unit of a product or service.
Total Utility
The complete gratification gained from the use of a certain quantity of goods or services.
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