The Equation for the Calculation of Marginal Utility Is

question 399

Multiple Choice

The equation for the calculation of marginal utility is

• A) total utility/number of units consumed.
• B) change in total utility/number of units consumed.
• C) change in total utility/change in number of units consumed.
• D) total utility/change in number of units consumed.

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Definitions:

Market Prices

The current prices at which goods or services are bought and sold in a marketplace.

Market Position

The standing or rank of a company, product, or brand in a particular market, often relative to its competitors.

Reference Pricing

Psychological pricing strategy common in retailing goods for which consumers have an idea of what the price “should be.”

Price Lining

A pricing strategy where products or services are grouped into different price ranges to target various consumer segments.