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:

Sample Averages

The mean of a set of data points taken from a larger population, used in statistics to estimate the characteristics of the whole population.

X-bar

A statistical term representing the average or mean value of a set of data, commonly used in quality control processes.

R-chart

A tool in statistical process control that displays the variation among different samples to assess the stability of processes.

Control Limits

Statistical boundaries within a control chart that distinguish between random variation from the process and variation due to changes in the process.