Asked by
Linda Marie jimenez
on Oct 08, 2024
Verified
A rational consumer will cease purchasing a product at that quantity where marginal utility begins to diminish.
Marginal Utility
The increased pleasure received from consuming an extra unit of a good or service.
Rational Consumer
A consumer who systematically and logically evaluates available options to maximize their satisfaction or utility in decision-making processes.
- Understand the concepts of marginal utility and how it influences consumer purchasing behavior.
Verified Answer
RT
Learning Objectives
- Understand the concepts of marginal utility and how it influences consumer purchasing behavior.
Related questions
When a Consumer Shifts Purchases from X to Y,the Marginal ...
Consumers Will Make a Decision to Purchase a New Product ...
Consumer Acceptance of a New Product Depends on ...
Statement I: Marginal Utility and Consumer Surplus Are Identical Concepts ...
If the Marginal Utility You Derived from the First Steak ...