The Amount of Additional Satisfaction Derived from an Additional Unit

question 77

Multiple Choice

The amount of additional satisfaction derived from an additional unit of a good or service is called:

• A) total utility.
• B) marginal cost.
• C) total cost.
• D) marginal utility.

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Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity, intended to protect consumers from high prices.

Equilibrium

A state in a market where supply equals demand, with the selling price of goods remaining constant as long as other variables remain unchanged.

Price Floor

A government-imposed minimum price below which a certain good cannot be sold.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity, often aimed at protecting consumers.