In economic theory,total utility refers to:
A) The additional utility from consuming the last unit of a good.
B) The amount of utility obtained from the entire consumption of a good.
C) The change in utility from the last unit sold.
D) How useful a good is to the consumer.

Question

Quizplus · Accepted Answer

Total utility refers to the overall satisfaction or usefulness that a consumer derives from the consumption of a good or service. It is the total amount of utility obtained from the entire consumption of a good. Option A refers to marginal utility, which is the additional utility gained from consuming one more unit of a good. Option C is incorrect as it refers to producer surplus, not total utility. Option D is too broad and doesn't specifically capture the concept of total utility.

In Economic Theory,total Utility Refers To