25. Which of the following provides the best description of total utility? It is the total...

25. Which of the following provides the best description of total utility?

It is the total amount the consumer was wiling to pay for one more unit of a good or service.

It is the total amount the consumer actually paid for the last unit of a good or service that was purchased.

It is the total amount the consumer was willing to pay for the total amount of a good or service that was purchased.

It is the total amount the consumer actually paid for a good or service that was purchased.

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Expert Solution

Answer: it is the total amount that the consumer actually paid for a good or service that was purchased.

Total utility basically refers to the complete satisfaction that a consumer gets with the purchase or consumption of goods or service. Utility basically quantifies the satisfaction or fulfillment.

Rahul Sunny answered 1 year ago

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