The Maximum Price a Consumer Is Willing to Pay for an Extra

question 42

Multiple Choice

The maximum price a consumer is willing to pay for an extra unit of a good or service when total utility is maximised is known as

• A) quantity demanded.
• B) marginal utility.
• C) total utility.
• D) demand.
• E) marginal benefit.

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Definitions:

Progression

The process of developing or moving forward towards a more advanced state or stage.

Language Ability

Refers to the capacity to understand, produce, and use words and sentences to communicate effectively.

Language Acquisition Device

A hypothetical module proposed by Noam Chomsky, suggesting that the ability to learn language is innate to humans and pre-wired into the brain.

Built-In Mechanism

An innate or inherent structure or function within an organism that enables it to perform a specific task or respond to certain stimuli automatically.