The Additional Satisfaction Derived from Consuming One More Unit of a Good

question 161

Multiple Choice

The additional satisfaction derived from consuming one more unit of a good or service is called

• A) diminishing marginal utility.
• B) the real-income effect.
• C) marginal utility.
• D) the substitution effect.
• E) the consumer optimum.

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Definitions:

Repair Shop

A place or business where mechanical or electronic items are fixed or maintained.

Merchant

An individual or business entity involved in the trade of goods or services, especially one dealing with the sale of goods.

Uniform Commercial Code

A comprehensive set of laws and regulations that govern commercial transactions in the United States, intended to harmonize laws across states.

Ordinary Buyers

Refers to typical consumers in the market who purchase goods or services for personal use.