To Calculate the Marginal Utility of Consuming the Nth Product

question 19

Multiple Choice

To calculate the marginal utility of consuming the Nth product:

• A) subtract additional satisfaction from consuming the (N - 1)^th production from the additional satisfaction from consuming the N^th product.
• B) subtract total satisfaction from consuming N - 1 products from total satisfaction from consuming N products.
• C) divide total satisfaction from consuming all N products by the price of the product.
• D) divide total satisfaction from consuming all N products by N.

---

Definitions:

Beneficiaries

Individuals or groups that receive benefits or advantages from actions, policies, or trusts, often in the context of insurance, inheritance, or social programs.

Society

A broad term defining a group of individuals living together in a more or less ordered community, sharing customs, laws, and organizations.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to market equilibrium.

Equilibrium Quantity

The amount of products or services available matches precisely the amount desired by consumers at the current market rate.