Examlex
What is the term for pain relief produced without a loss of consciousness?
Total Utility
The complete gratification or advantage gained from using a specific quantity of a product or service.
Marginal Utility
The additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.
Utility-maximizing
Utility-maximizing refers to a principle in economics where individuals or businesses seek to achieve the highest level of satisfaction or profit from their decisions, given their resources and constraints.
Diminishing Marginal Utility
The more of any one good consumed in a given period, the less incremental satisfaction is generated by consuming a marginal or incremental unit of the same good.
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