Asked by
halle Leyden
on Nov 25, 2024
Verified
If total utility increases as consumption of a good increases, then marginal utility must be increasing also.
Marginal Utility
The additional satisfaction or utility gained by consuming one more unit of a good or service.
Total Utility
The total amount of satisfaction derived from the consumption of a single product or a combination of products.
- Understand the concept of marginal utility and its relationship to total utility.
Verified Answer
YM
Learning Objectives
- Understand the concept of marginal utility and its relationship to total utility.