The Additional Utility or Satisfaction That One Derives from Consuming

question 424

Multiple Choice

The additional utility or satisfaction that one derives from consuming one more unit of any good or service is referred to as

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

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Definitions:

Multiculturalism

The co-existence of diverse cultures, where culture includes racial, religious, or cultural groups and is manifested in customary behaviors, cultural assumptions, and values, patterns of thinking, and communicative styles.

Communism

A political and economic ideology advocating for a classless society in which the means of production are owned and controlled by the community as a whole.

Consumerism

A social and economic order that encourages the purchase of goods and services in ever-greater amounts.

Cultural Diffusion

The spread of cultural beliefs and social activities from one group to another, blending and integrating different cultural practices.