Marginal Utility Is

question 41

Multiple Choice

Marginal utility is

• A) the utility received from consuming one unit of a good.
• B) the change in total utility due to a one-unit change in the quantity of a good consumed.
• C) the total utility received from consuming a certain quantity of a good divided by the quantity.
• D) the utility received by the last consumer of a good.

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Definitions:

Market Labor Supply

The total availability of labor willing to work at corresponding wage rates in a given market or economy.

Immigration

The action of moving to a foreign country to live permanently, often driven by factors such as employment opportunities, better living standards, or family reunification.

Technological Change

Technological Change refers to advancements and innovations in technology, which can significantly impact productivity, economic growth, and the way society operates.

Labor Supply Curve

A graphical representation that shows the relationship between the quantity of labor supplied and the wage rate.