The Additional Utility That George Receives from Consuming One More

question 149

Multiple Choice

The additional utility that George receives from consuming one more slice of pizza is called

• A)average utility.
• B)marginal utility.
• C)total utility.
• D)diminishing utility.

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Definitions:

Households

Units consisting of one or more people living in the same dwelling and sharing meals or living accommodation; they can also be considered as basic units in society for consumption, production, and decision-making.

Firms

Business organizations, such as corporations or partnerships, engaged in commercial, industrial, or professional activities.

Markets for Goods

Platforms or mediums where goods and services are exchanged between buyers and sellers.

Households

Economic units consisting of all the people who occupy a housing unit, often playing a role as consumers in the economy.