The Amount of Added Utility That an Individual Derives from Consuming

question 142

Multiple Choice

The amount of added utility that an individual derives from consuming one more unit of a good or service is called:

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

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Definitions:

Percentile

An indicator showing the value beneath which a certain percentage of data points in a collection of data lies.

Continuous Random Variables

Variables that can take on any value within a continuous range of values.

Probability Distribution

A statistical function that describes all the possible values and likelihoods that a random variable can take within a given range.

Event

An occurrence or happening at a specific place and time, often of significance.