Marginal Utility Is Equal to Which of the Following

question 162

Multiple Choice

Marginal utility is equal to which of the following?

• A) total income divided by the price of the product
• B) the change in total utility from consuming one more unit of a good
• C) the satisfaction obtained from consuming any number of units of a good
• D) total utility divided by the number of units of the good
• E) None of the above answers is correct.

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Definitions:

Conditional Value

The value an entity takes under specified conditions or assumptions.

Decision Making Under Uncertainty

The process of making choices in situations where the outcomes or consequences of actions are unknown or unpredictable.

Decision Tree

A graphical means of analyzing decision alternatives and states of nature.

Analytic Decision Process

A systematic approach to problem-solving and decision-making that relies on logical analysis and data evaluation.