Total utility is
A)The additional utility from consuming one more unit of a good.
B)The sum of the marginal utilities from the consumption of good.
C)A function that always falls as a buyer enjoys more units of a good.
D)How much utility a seller gets from producing a good.

Question

Quizplus · Accepted Answer

Total utility is the overall satisfaction or happiness a consumer derives from consuming a certain quantity of a good or service. It is calculated by summing up the marginal utilities of each additional unit of the good or service consumed. Therefore, option B is the correct answer. Option A refers to marginal utility, not total utility. Option C is not always true, as a buyer can experience increasing total utility up to a certain point. Option D is not relevant to the concept of total utility.

Total Utility Is