The conceptual measure of the satisfaction a person obtains by consuming a given quantity of a good or service during a given time period is:
A) average product.
B) marginal cost.
C) marginal revenue.
D) total utility.

Question

Quizplus · Accepted Answer

Total utility is the measure of satisfaction a person obtains from consuming a given quantity of a good or service during a given timeframe. Average product is the measure of output per unit of input, marginal cost is the additional cost incurred by producing one more unit of output, and marginal revenue is the additional revenue earned by producing one more unit of output.

The Conceptual Measure of the Satisfaction a Person Obtains by Consuming