Consumer choice is influenced not only by the utility that extra units of a good will yield, but also by how much must be given up to obtain extra units of the good.

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12-07-2022
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Consumer choice is influenced not only by the utility that extra units of a good will yield, but also by how much must be given up to obtain extra units of the good.

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mboluwape mboluwape · Answer 1 · 2022-07-15T18:13:04+02:00

Consumer choice is influenced not only by the marginal utility that extra units of a good will yield, but also by how much satisfaction must be given up to obtain extra units of the good.

What is marginal utility?

Marginal utility is extra satisfaction that is derived from having an additional product or extra unit.

Each Individual determine what to buy based on the amount of satisfaction that is derived on the product.

Therefore, consumer choice is influenced not only by the marginal utility that extra units of a good will yield, but also by how much satisfaction must be given up to obtain extra units of the good.

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Consumer choice is influenced not only by the ______ utility that extra units of a good will yield, but also by how much ______ must be given up to obtain extra units of the good.

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What is marginal utility?

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Consumer choice is influenced not only by the utility that extra units of a good will yield, but also by how much must be given up to obtain extra units of the good.