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Definitions:
Marginal Utility
The incremental pleasure or value received from consuming one more unit of a good or service.
Marginal Utility Schedules
Tables or graphs that show the relationship between the quantity of a good consumed and the utility (satisfaction) that is gained from each additional unit.
Total Utility
The complete satisfaction or advantage gained from consuming a specified overall amount of a product or service.
Utility-Maximizing
A principle of economics that assumes consumers aim to achieve the highest level of satisfaction possible from their available resources.
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