Marginal Utility Is

question 51

Multiple Choice

Marginal utility is:

• A)the slope of the total utility function.
• B)the slope of a ray from the origin to the total utility function.
• C)always less than average utility.
• D)always greater than average utility.

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Definitions:

Price Fell

A situation where the market price of a good or service decreases.

Price Level

An index or measurement that reflects the average prices of goods and services in an economy at a given time.

Value of Money

The purchasing power of money, which can be affected by factors like inflation and changes in the interest rate.

Vertical Axis

In a graph or chart, the vertical line that typically represents the dependent variable or the range of values measured.