Marginal Utility Is

question 80

Multiple Choice

Marginal utility is

• A) The sum of the total utility of consuming a certain amount of a good.
• B) The additional utility a consumer enjoys from the consumption of one more unit of a good.
• C) The diminishing nature of total utility.
• D) Always negative or zero.

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Definitions:

Social Inequality

The unequal distribution of resources, opportunities, and rights among different social positions or statuses within a society.

IQ Scores

Quantitative measurements used to assess a person's intelligence level relative to the general population, typically determined through standardized testing.

Meritocratic

Pertaining to or supporting the principle of meritocracy, where individuals' social status and mobility are based on their abilities and achievements rather than inherited privilege.

Social Stratification

The hierarchical arrangement of individuals or groups in a society based on wealth, power, prestige, or other criteria.