Economics A Level: What is:
1. Marginal Utility
2. Total Utility
3. The Law of Diminishing Marginal Utility

Question

What is:
1. Marginal Utility
2. Total Utility
3. The Law of Diminishing Marginal Utility

go kys · Accepted Answer

1. The Benefit from the Consumption of One Additional Unit of Good X
2. Overall Benefit from Consuming Good X
3. As Each Additional Unit is Consumed, the Marginal Utility goes Down.

Economics A Level

What is: 1. Marginal Utility 2. Total Utility 3. The Law of Diminishing Marginal Utility

1. The Benefit from the Consumption of One Additional Unit of Good X 2. Overall Benefit from Consuming Good X 3. As Each Additional Unit is Consumed, the Marginal Utility goes Down.

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