Marginal Utility Is the

question 39

Multiple Choice

Marginal utility is the

• A)total satisfaction received from consuming a given number of units of a product.
• B)average satisfaction received from consuming a product.
• C)extra satisfaction received from consuming one more unit of a product.
• D)satisfaction achieved when a consumer has had enough of a product.

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Definitions:

Moral Obligation

A duty or responsibility that is perceived as ethically required, even though it is not legally enforceable.

Requirements Contract

A contractual agreement in which one party agrees to supply as much of a product or service as the other party needs during a specified period.

Particular Commodity

Refers specifically to a unique or specified commodity traded on commodity markets, such as gold, oil, or wheat.

Reaffirmation Promise

A commitment to maintain or adhere to an agreement or obligation, especially after a challenge or dispute.