Marginal Utility Is the Change in

question 177

Multiple Choice

Marginal utility is the change in

• A) total utility when an extra unit of output is produced.
• B) total utility when an extra unit of output is consumed.
• C) marginal utility when an extra unit of output is produced.
• D) average utility when an extra unit of output is consumed.

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Definitions:

Verbal

Pertaining to words or spoken communication, often used in the context of agreements or contracts.

Written Contract

A formal agreement between two or more parties that is fully documented and signed, outlining specific obligations and terms.

Indemnity

A contractual obligation by one party to compensate the loss incurred by the other party due to the acts of the indemnitor or other specified individuals.

Parol Evidence Rule

A legal principle stating that oral evidence cannot be used to contradict, modify, or add to the terms of a written contract.