ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Marginal utility is the extra usefulness or additional satisfaction a person gets from acquiring or using one more unit of a product. Diminishing market utility is the feeling that as we use more and more of a product we no longer receive the extra satisfaction we get from using additional quantities of the product.

Detailed explanation-2: -In economics, utility refers to the satisfaction levels consumers receive from buying and using a product or service. According to utility theory, people make purchase decisions based on the degree of satisfaction they get from an item or service.

Detailed explanation-3: -Economic utility can be defined as the total amount of satisfaction that someone experiences when they consume a particular product or service. It helps measure how much fulfillment someone requires in order to satisfy a particular need or want.

Detailed explanation-4: -Marginal utility describes the benefit that an economic actor receives from consuming one additional unit of a good, while marginal benefit describes (in dollars) what the consumer is willing to pay to acquire one more unit of the good.