Question

Julie enjoys curling up on her sofa with a cup of tea. The satisfaction, usefulness, or value she is experiencing from consuming that tea would be considered Select one O a Utility O b. Marginal Utility O Marginal Analysis d Opportunity Cost blem Set lump to Law of Demand Khan Academy video- 0

Answer 1

It is called as the utility, the utility is the satisfaction received from consuming a good or service that is produced.

Ans: Utility.

Marginal utility is the addition made to the total utility when an additional unit of the commodity is consumed, the opportunity cost is defined as the next best activity forgone. The opportunity cost is calculated by dividing the value of what you lose by what you gain.