Examlex
Which of the following substances can be used to produce a chemical tan?
Marginal Utility
The increased contentment or advantage obtained by the consumption of an extra unit of a good or service.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers from participating in the market.
Utility
Utility refers to the total satisfaction received from consuming a good or service.
Diminishing Utility
The principle that as consumption of a good or service increases, the marginal utility derived from each additional unit decreases.
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