The change in total utility derived when a customer consumes one more unit of a good or service is called
A) total utility.
B) marginal utility.
C) average utility.
D) final utility.

Question

Quizplus · Accepted Answer

The change in total utility derived when a customer consumes one more unit of a good or service is called marginal utility. Total utility refers to the overall satisfaction derived from consuming a certain quantity of a good or service. Average utility refers to the average level of satisfaction derived from consuming each unit of a good or service. Final utility is not a commonly used term in economics.

The Change in Total Utility Derived When a Customer Consumes