The concept of marginal utility indicates the relationship between utility and _________?
ECONOMICSJAMB 2016
The concept of marginal utility indicates the relationship between utility and _________?
- A. Price
- B. Satisfaction
- C. Cost
- D. Revenue
Correct Answer: B. Satisfaction
Explanation
utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a goods or service is the change in the utilityfrom an increase in the consumption of that good or service
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