Asked by
ISABEL SANMIGUEL
on Oct 27, 2024
Verified
The marginal utility of a good is used to describe any good (such as a mushroom brush or a shrimp deveiner)that has only limited usefulness.
Marginal Utility
The change in satisfaction or utility received by consuming one additional unit of a good or service.
Limited Usefulness
Refers to the notion that a tool, resource, or piece of information is only beneficial or applicable in certain situations or to a certain extent.
- Become acquainted with the importance of the principle of diminishing marginal utility and its consequences for consumer decision processes.
Verified Answer
CH
Learning Objectives
- Become acquainted with the importance of the principle of diminishing marginal utility and its consequences for consumer decision processes.
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