As George Eats Pizza During One Recent Outing, He Finds

question 107

Essay

As George eats pizza during one recent outing, he finds that he enjoys each additional slice less and less.This implies that his marginal benefit is:
A.decreasing.
B.increasing.
C.constant.
D.vertical.

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Definitions:

Total Utility

The total satisfaction or benefit that a consumer derives from consuming a certain quantity of a good or service.

Total Utility

The total satisfaction received from consuming a particular quantity of goods and services.

Marginal Utility

The change in satisfaction or utility that an individual gains from consuming an additional unit of a good or service.

Consumer Surplus

The disparity in the total spending consumers are willing and able to commit to a good or service compared to what they truly spend.