The additional utility or satisfaction that one derives from consuming one more unit of any good or service is referred to as
A) total utility.
B) substantive utility.
C) average utility.
D) marginal utility.

Question

Quizplus · Accepted Answer

Marginal utility refers to the additional satisfaction that is derived from consuming one more unit of a good or service. Total utility is the overall amount of satisfaction that is derived from consuming all units of a good or service. Substantive utility is not a term commonly used in economics. Average utility is the total utility divided by the number of units consumed.

The Additional Utility or Satisfaction That One Derives from Consuming