Marginal Utility Is

question 68

Multiple Choice

Marginal utility is

• A)the change in total utility divided by the price of the last unit of a good or service consumed.
• B)the change in total utility a person receives from consuming an additional unit of a good or service.
• C)the utility from consuming a given quantity of a good or service.
• D)the decrease in total utility from consuming more and more units of a good or service.

Understand the doctrine of election of remedies and its implications in choosing among available legal options.

Recognize the impact of fraudulent, negligent, or innocent misrepresentation on contractual agreements and the associated remedies.

Understand how the power of avoidance in a contract can be lost and the legal effects.

Identify the circumstances under which specific performance and injunctions might be awarded.

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Definitions:

Meditate

A practice of focused concentration, often for the purpose of reaching a higher state of consciousness or relaxation.

Agnostic

Individual who believes that any ultimate reality is unknown or unknowable.

Ultimate Reality

A concept in philosophy and theology referring to the absolute nature of the universe, the supreme truth, or an entity considered to be the fundamental basis of reality.

Terminal Illness

A disease or condition that is incurable and expected to lead to the death of the patient within a short period.