Economists use the term "marginal utility" to describe the
A)inverse of the measure of total utility.
B)average utility of each unit of a good consumed.
C)change in total satisfaction caused by consumption of an additional unit of a good.
D)price paid for every unit consumed.
E)total satisfaction received from consumption of a good.

Question

Quizplus · Accepted Answer

Marginal utility refers to the additional satisfaction or benefit that a consumer receives from consuming an additional unit of a good. It is the change in total satisfaction caused by the consumption of the next unit of a good. Therefore, the correct option is C.

Economists Use the Term "Marginal Utility" to Describe the