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5 July, 05:42

Marginal utility is the: A. sensitivity of consumer purchases of a good to changes in the price of that good. B. change in total utility obtained by consuming one more unit of a good.

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  1. 5 July, 06:52
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    B. change in total utility obtained by consuming one more unit of a good.

    Explanation:

    Marginal utility can be simply defined as the additional benefit, utility, or enjoyment, obtained from consuming one additional unit of a good. It can be estimated in monetary terms.

    For example, if consuming one additional burger gives an additional marginal utility value at $5, and the burger costs $3, the consumer will likely buy the burger because the marginal utility is higher than the cost.
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