Examlex
Identify the following terms.
-the prophets
Marginal Utility
The additional satisfaction or utility that a consumer receives from consuming an additional unit of a good or service.
Total Utility
In economics, the total satisfaction received from consuming a particular quantity of goods or services.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.
Marginal Utility
The increased happiness a buyer experiences by consuming an extra unit of a product or service.