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WAEC Economics 2006 Question 13

Question 13

Theory of Demand

The amount of satisfaction obtained from the consumption of a commodity at a particular time is called

  1. A.marginal utility
  2. B.diminishing utility
  3. C.total utility
  4. D.average utility
Show the answer and explanation

Answer: C (total utility)

Explanation

Total utility is the whole satisfaction from the units consumed at a given time.