Examlex
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Marginal Utility
The change in total utility a person receives from consuming one additional unit of a good or service.
Total Utility
The total satisfaction received from consuming a particular quantity of a good or service.
Average Utility
The total utility received from a certain amount of goods or services divided by the number of goods or services consumed.
Diminishing Marginal Utility
The principle that as a person consumes more of a good, the additional satisfaction gained from consuming an additional unit decreases.
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