The change in total utility arising from a one-unit increase in consumption of a good is referred to as
A)average utility
B)the principle of diminishing marginal utility
C)real income
D)marginal utility
E)price

Question

Quizplus · Accepted Answer

The change in total utility arising from a one-unit increase in consumption of a good is referred to as marginal utility. This term denotes the additional satisfaction gained from consuming an additional unit of a good. It is an important concept in understanding consumer behavior and decision-making.

The Change in Total Utility Arising from a One-Unit Increase