Marginal utility is measured by the maximum amount of money a consumer is willing to pay for one more unit of a commodity.
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Q2: The law of diminishing marginal utility states
Q3: Total utility increases if one more unit
Q4: When a consumer has chosen an optimal
Q5: The law of diminishing marginal utility states
Q6: An optimal purchase is one that maximizes
Q8: Consumers should purchase quantities of a good
Q9: Because of diminishing marginal utility, total utility
Q10: Total utility increases if one more unit
Q11: Total utility can be objectively measured in
Q12: Total utility always decreases when additional amounts
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