Marginal Utility Is

question 44

Multiple Choice

Marginal utility is

• A)the utility obtained from the consumption of all but the last unit of a good.
• B)the relative value of two goods when a utility-maximizing decision has been made.
• C)the change in utility that results from increasing the amount of a good consumed by one unit.
• D)the change in the amount of a good consumed that increases total utility by one unit.

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Definitions:

Wheel of Retailing

A theory that describes how retail outlets evolve over time, starting from low-end, gradually upscaling, and potentially becoming more conventional or full-service establishments.

Off-Price Retailing

A retail strategy selling branded goods at prices lower than the typical market price, often through buying overstocked or out-of-season items from manufacturers.

Variations

Differences or deviations in the form, condition, or characteristics of an object or phenomenon from a norm or standard.

Marketing Channel

Consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users.