Examlex
When a firm relies on radio and TV ads to reach potential customers, the firm is engaging in
Total Utility
The overall satisfaction or value a consumer derives from consuming a certain amount or quantity of goods and services.
Marginal Benefit
The maximum price a consumer will be willing to pay for an additional unit of a product. It is the dollar value of the consumer’s marginal utility from the additional unit, and therefore it falls as consumption increases.
Opportunity Cost
The loss of potential gain from other alternatives when one alternative is chosen over others.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.
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