The Following Table Shows the Total Utility Derived from Consumption

question 26

Multiple Choice

The following table shows the total utility derived from consumption of a good. The first column of the table shows the number of units of the good consumed in a day, and the second column of the table shows the total utility derived from that consumption. The marginal utility of an additional unit of the good diminishes after consumption of the _____ unit of the good. ​
Table 6.2
​

• A)first
• B)second
• C)third
• D)fourth
• E)fifth

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Definitions:

Government Policy

The strategies and actions taken by a government to manage its affairs and meet objectives in various areas, including economic, social, and foreign policy.

Producer Surplus

The variation between anticipated seller revenue for a good or service and the eventual financial return.

Government Funds

Financial resources collected and disbursed by the government, including taxes, fees, and revenue from owned assets.

Total Surplus

The combined benefit that a market's participants receive, represented by the sum of consumer surplus and producer surplus.