Total utility equals
A)the sum of the marginal utilities of each unit consumed.
B)the area below the demand curve but above the market price.
C)the slope of the marginal utility curve.
D)the marginal utility of the last unit divided by price.
E)the marginal utility of the last unit consumed multiplied by the total number of units consumed.

Question

Quizplus · Accepted Answer

Total utility is the sum of the marginal utilities of each unit consumed. Marginal utility is the additional utility gained from consuming one more unit of a good or service, and adding up the marginal utilities of each unit consumed gives us the total utility.

Total Utility Equals