Economists Use the Term "Marginal Utility" to Describe the

question 116

Multiple Choice

Economists use the term "marginal utility" to describe the

• A)change in total satisfaction caused by consumption of an additional unit of a good.
• B)average utility of each unit of a good consumed.
• C)inverse of the measure of total utility.
• D)total satisfaction received from consumption of a good.
• E)price paid for every unit consumed.

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Definitions:

Product A

A placeholder name for a specific item or good produced by a company.

Lot-Sizing Algorithms

Mathematical formulas designed to determine the optimal order quantity that minimizes the total costs, including ordering and holding costs.

MRP

A system known as Material Requirements Planning calculates the necessary components and materials for manufacturing a product.

DRP

Disaster Recovery Plan; a strategy for business continuity that focuses on recovering IT infrastructure and systems after a disaster.