Examlex
is better for a ________ teacher to grade on a curvethan a ________ teacher.
Total Utility
The overall satisfaction or fulfillment a consumer derives from consuming a particular quantity of goods or services.
Marginal Utility
The extra pleasure or benefit gained from consuming an additional unit of a product or service.
Total Utility
The total satisfaction received from consuming a certain amount of a good or service.
Diamond/Water Paradox
A paradox highlighting the contradiction where water, essential for survival, is inexpensive, while diamonds, with little intrinsic utility, are expensive.
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