The Difference Between Total Utility and Marginal Utility Is That

question 87

Multiple Choice

The difference between total utility and marginal utility is that:

• A) Total utility is the satisfaction from consuming one additional unit of a good while marginal utility is the complete satisfaction from consuming a good.
• B) Total utility is the complete satisfaction from consuming a good while marginal utility is the satisfaction from consuming one additional unit of a good.
• C) Both represent the satisfaction obtained from most all goods and services.
• D) Total utility is the satisfaction from consuming a good while marginal utility is the satisfaction from consuming services.

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Definitions:

Distal Stimulus

An object or event in the external world that produces sensory input.

Sensation

The process of sensing our environment through touch, taste, sight, sound, and smell, which are then interpreted by our brains.

Perception

Perception is the process by which individuals organize and interpret sensory information to understand their environment and interactions.

Detection

The act or process of discovering or identifying the presence of something concealed or unknown.