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In the context of resource allocation, what does the term 'marginal utility' ref

Practice Questions

Q1
In the context of resource allocation, what does the term 'marginal utility' refer to? (2023)
  1. The additional satisfaction gained from consuming one more unit of a good.
  2. The total satisfaction derived from all units consumed.
  3. The cost associated with producing one more unit.
  4. The overall benefit of resource allocation.

Questions & Step-by-Step Solutions

In the context of resource allocation, what does the term 'marginal utility' refer to? (2023)
  • Step 1: Understand what utility means. Utility is the satisfaction or pleasure you get from consuming a good or service.
  • Step 2: Recognize that 'marginal' means 'additional' or 'extra'.
  • Step 3: Combine the two ideas: Marginal utility is the extra satisfaction you get from consuming one more unit of a good.
  • Step 4: Think of an example: If you eat one slice of pizza, you feel satisfied. If you eat a second slice, the extra satisfaction you feel from that second slice is the marginal utility.
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