Marginal Utility Is the

question 112

Multiple Choice

Marginal utility is the

• A) usefulness of a product.
• B) utility that a person receives from the consumption of goods and services.
• C) change in utility that results from a one-unit change in the quantity of a good consumed.
• D) change in utility that results from a one-unit change in the price of a good consumed.

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Definitions:

Externalities

Financial implications or effects that influence bystander third parties and may be either beneficial or harmful.

Incentives

Factors that motivate or encourage individuals to perform actions or make decisions.

Social Benefit

The total benefit to society from a particular action or policy, including both direct benefits to participants and any external benefits to others.

Fire Extinguishers

Devices designed to extinguish or control small fires, often in emergency situations.