Examlex
Infants are unable to distinguish between pleasant and unpleasant odours until they are three months of age.
Total Utility
The complete satisfaction obtained from consuming a particular quantity of goods or services.
Marginal Utility
The extra pleasure or benefit gained by a consumer from using an additional unit of a product or service.
General Utility
The overall satisfaction or happiness derived from consuming goods and services. This term is a restated definition for "Total Utility."
Consumer Surplus
The difference in the overall amount consumers are willing and able to allocate for a good or service against the actual amount paid.
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