Total Utility Can Be Calculated as the

question 5

Multiple Choice

Total utility can be calculated as the

• A)sum of all marginal utilities
• B)price paid for one unit of a good
• C)product of all marginal utilities
• D)total expenditure on all units of a good the consumer buys
• E)difference between the marginal utilities of the first and last units of a good

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Definitions:

Post-purchase Dissonance

The feeling of regret, doubt, or anxiety that a consumer may experience after making a significant purchase, fearing that they may have made the wrong choice.

Product Needs

The specific features, benefits, and solutions that customers seek in a product to satisfy certain requirements or solve problems.

Unconscious Need Level

The level at which people do not know why they buy a product.

Perceptive Observations

The act of keenly and accurately noting and interpreting subtle details or changes, often critical in understanding context or behaviors in various fields like psychology, sales, and research.