The Amount by Which Total Utility Changes When an Additional

question 3

Multiple Choice

The amount by which total utility changes when an additional unit of a good is consumed is called _____ utility.

• A)average
• B)additional
• C)maximum
• D)marginal

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Definitions:

Incidental Beneficiary

A third party who may benefit from a contract between two other parties, albeit unintentionally and without the legal right to enforce the contract terms.

Enforce Agreement

The legal process of ensuring that the terms of a contract are carried out as agreed upon by the parties.

Restatement

Secondary legal sources that seek to clarify, explain, and illustrate the principles of a particular field of law to guide the courts in how the law should be applied.

Contract Term

A specific provision or condition outlined within a contract that dictates the obligations, rights, or restrictions for the parties involved.