Question : ______ is the change in total utility due to the consumption of one additional unit of a commodity.
Option 1: Product Utility (PU)
Option 2: Revenue Utility (RU)
Option 3: Demand Utility (DU)
Option 4: Marginal Utility (MU)
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Correct Answer: Marginal Utility (MU)
Solution : The correct option is Marginal Utility (MU) .
The change in total utility due to the consumption of one additional unit of a commodity is called Marginal Utility. It is the additional satisfaction or benefit that a consumer derives from consuming one more unit of a good or service. Marginal Utility is a key concept in microeconomics.
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Question : Which of the following statements is correct regarding the marginal utility of a commodity?
I. It is the change in total utility due to the consumption of one additional unit of a commodity. II. It diminishes with an increase in consumption of the commodity.
Question : The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from the 10th unit.
Question : The equilibrium of a firm under perfect competition will be determined when:
Question : "Marginal cost" equals:
Question : A demand curve will not shift:
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