Asked by Peter Manyang Bichok on Jul 16, 2024
Verified
Marginal utility is the accumulation of the total utility from successive units of a good or service consumed.
Marginal Utility
The additional satisfaction or utility received by consuming one more unit of a good or service.
Total Utility
The total satisfaction received from consuming a given total quantity of a good or service.
- Learn about the concept of marginal utility and its association with total utility.
Verified Answer
MS
Modutwane SefaraJul 16, 2024
Final Answer :
False
Explanation :
Marginal utility refers to the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service, not the accumulation of total utility.
Learning Objectives
- Learn about the concept of marginal utility and its association with total utility.