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WAEC Economics 2003 Question 11

Question 11

Theory of Consumer Behaviour

The additional satisfaction derived from the consumption of one more unit of a good is called

  1. A.marginal product
  2. B.marginal utility
  3. C.marginal revenue
  4. D.marginal cost
Show the answer and explanation

Answer: B (marginal utility)

Explanation

Marginal utility is the extra satisfaction from one more unit consumed.