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When the inflationary gap is finally eliminated, a long-run equilibrium is established with a ____ price level and with GDP ____ potential GDP.
Total Utility
The total satisfaction received from consuming a certain quantity of goods or services.
Total Utility
The total satisfaction or benefit received by consuming a given total quantity of a good or service.
Marginal Utility
Marginal utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service.
Diminishing Marginal Utility
Diminishing marginal utility is an economic principle stating that as a person consumes more of a good or service, the satisfaction (utility) gained from each additional unit decreases.
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