Marginal Utility Equals the Change in Total Utility Divided by

question 57

Multiple Choice

Marginal utility equals the change in total utility divided by

• A) the number of units consumed.
• B) the price of the product.
• C) the change in the number of units consumed.
• D) the consumer's subjective level of preference.

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Definitions:

Credit Cash

An accounting entry that decreases the cash balance in the company’s books, often as a result of paying out cash for expenses or liabilities.

Accounts Payable

Liabilities of a business that represent its obligations to pay off a short-term debt to its creditors or suppliers.

Accounts Receivable

Money owed to a business by its clients or customers for goods or services delivered or used but not yet paid for.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance based on the accounting equation; assets and expenses normally have a debit balance, while liabilities, equity, and revenue normally have a credit balance.