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If a graph showed that as the amount of time a person spent partying increased, her GPA decreased, then this relationship would be
Utility Theory
A theory in economics that assesses the usefulness or satisfaction a consumer gains from consuming goods and services.
Total Utility
The complete fulfillment experienced from the consumption of a specific amount of products or services.
Marginal Utility
The increased happiness or value a buyer experiences by consuming an extra unit of a good or service.
Diminishing Marginal Utility
The principle that as an individual consumes more of a good, the utility (satisfaction or benefit) gained from each additional unit decreases.
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