ECONOMICS
DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
The usefulness, benefit or satisfaction a consumer gains from consuming a product.
|
|
|
The satisfaction gained from consuming a quantity of an economic good, measured in utils.
|
|
|
The added consumer satisfaction from consuming a quantity of a good.
|
|
|
The consumer’s satisfaction from consuming a quantity of a good.
|
Detailed explanation-1: -Total utility is the overall satisfaction that a consumer derives from the consumption of particular goods and services. Each individual unit of goods or services has a marginal utility of their own. Total utility is the sum of marginal utilities of all such individual items.
Detailed explanation-2: -Total utility is the aggregate summation of satisfaction that a consumer receives through the consumption of goods or services. When the price of goods decreases, the rate of consumption will increase i.e. the consumer’s total utility will increase as well.
Detailed explanation-3: -In economics, utility is a term used to determine the worth or value of a good or service. More specifically, utility is the total satisfaction or benefit derived from consuming a good or service. Economic theories based on rational choice usually assume that consumers will strive to maximize their utility.
Detailed explanation-4: -The total utility of consuming a good is equivalent to the amount of money that would give the consumer the same level of happiness. For example, the level of happiness or satisfaction you obtain from eating a chocolate bar can be measured by the amount of money that would give you the same level of happiness.
Detailed explanation-5: -total utility. the total amount of happiness a consumer derives from a good at any particular level of consumption. marginal utility. the change in total utility that a consumer experiences when one more unit of a good is consumed. law of diminishing marginal utility.