Examlex
One of the key concepts involved in the circular flow diagram is that
Total Utility
The overall satisfaction or happiness received from consuming a certain amount of goods or services.
Marginal Utility
The extra pleasure or benefit obtained from consuming an additional unit of a product or service.
Total Utility
The total satisfaction or benefit that a consumer derives from consuming a certain quantity of goods and services.
Marginal Utility
The change in total satisfaction or pleasure derived from consuming one more unit of a good or service.
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