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6 Cards in this Set
- Front
- Back
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Another word for utility is ____.
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Satisfaction
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The goal of consumers is ....
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Maximize satisfaction
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The total satisfaction derived from consuming a given quantity of a good
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Total utility
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The additional utility received from consuming an extra unit of a good; the change in TU due to a one unit change in consumption of the good.
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Marginal Utility
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As a consumer increases the consumption of a good or service, the extra (marginal) utility obtained from consuming another unit will eventually fall.
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Law of Diminishing marginal utility
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Wanting satisfying power.
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Utility
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