Asked by
Vicky Trillo
on Nov 04, 2024
Verified
A person maximizes utility when he equalizes the ________ across products.
A) total utility
B) total utility per dollar spent
C) marginal utility
D) marginal utility per dollar spent
Marginal Utility
The incremental utility or happiness a consumer derives from acquiring and using an additional unit of a good or service.
Utility Per Dollar
A measure of the satisfaction or usefulness obtained from purchasing goods or services relative to the amount of money spent.
- Acquire knowledge on the significance of the utility maximization guideline within consumer selection processes.
Verified Answer
EJ
Learning Objectives
- Acquire knowledge on the significance of the utility maximization guideline within consumer selection processes.