The marginal utility of a good refers to the:
Correct answer: B. Extra utility associated with consuming another unit of the good
- A. Total utility of the good for consumption of the last unit
- B. Extra utility associated with consuming another unit of the good
- C. Utility associated with consuming an alternative good
- D. Consumer surplus associated with the consumption of an alternative good
Explanation
Marginal utility is the additional satisfaction gained from consuming one more unit of a good. It differs from total utility, which is the satisfaction from all units consumed.
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