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The satisfaction received by the consumption of goods and services is called ____________.

a. marginal utility

b. the law of diminishing marginal utility

c. All of these

d. utility

 

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Sonia Dhawan
Sonia DhawanLv10
19 Sep 2020

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Related questions

The "law" of diminishing marginal utility implies that the (A) marginal utility of a good diminishes over time. (B) first unit of a good consumed will contribute most to the consumer's satisfaction (C) last unit of a good consumed will contribute most to the consumer's satisfaction. (D) total utility is negative. (E) total utility is constant as more units are consumed. Answer:

The total satisfaction one gets from one's consumption of a product is called:
 
A. Marginal utility
B. A unit of utility
C. Total utility
D. Minimum utility 

19) The fact that your fourth slice of pizza does not generate as much satisfaction as your third slice is an example of A) diminishing total utility. B) consumer surplus. C) the paradox of value. D) diminishing marginal utility. E) the law of demand.

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