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Question
________ utility is the sum of the marginal utilities from the consumption of a commodity.
________ utility is the sum of the marginal utilities from the consumption of a commodity.
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Solution
The correct option is B Total
Marginal utility is the satisfaction gained by a consumer with use of every successive unit of commodity. It is a concept of individualism. Total utility is the total satisfaction derived from consuming sum of quantities of any commodity or service. Total utility is the sum of the marginal utilities from the consumption of a commodity.
Marginal utility is the satisfaction gained by a consumer with use of every successive unit of commodity. It is a concept of individualism.
Total utility is the total satisfaction derived from consuming sum of quantities of any commodity or service. Total utility is the sum of the marginal utilities from the consumption of a commodity.
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