Often the total utility curve is and the marginal utility c

Often, the total utility curve is _____________ and the marginal utility curve is ______________

upward-sloping; downward-sloping

downward-sloping; downward-sloping

upward-sloping; upward-sloping

downward-sloping; upward-sloping

none of the above

Solution

Often, the total utility curve is _____________ and the marginal utility curve is

a. upward-sloping; downward-sloping.

Total utility is the total satisfaction received from consuming a given quantity of product or service, while marginal utility is the satisfaction gained from consuming another quantity of a good or service. One quality of marginal utility is that it always declines as more and more of a good is consumed. This illustrates the law of diminishing marginal utility.

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