The amount of additional satisfaction derived from an additional unit of a good or service is called:
A) total utility.
B) marginal cost.
C) total cost.
D) marginal utility.

Question

Quizplus · Accepted Answer

The amount of additional satisfaction derived from an additional unit of a good or service is called marginal utility. Total utility refers to the overall satisfaction derived from the consumption of all units of a good or service. Marginal cost refers to the cost of producing an additional unit, and total cost refers to the overall cost of producing all units of a good or service.

The Amount of Additional Satisfaction Derived from an Additional Unit