Marginal utility is A. the total utility received from consuming a certain quantity of a good divided by the quantity. B. the utility received from consuming one unit of a good. C. the change in total utility due to a one-unit change in the quantity of a good consumed. D. the utility received by the last consumer of a good.

The correct answer is letter "C": the change in total utility due to a one-unit change in the quantity of a good consumed.

Explanation:

Utility is the satisfaction or joy an individual perceives from consuming a good or service. Marginal utility is the satisfaction that consuming one more unit of the same good or service represents for the same individual. Total utility refers to the aggregate utility of consuming a certain quantity of products.

In such a case, marginal utility can also be understood as the change in total utility that consuming one more unit of a good or service causes.

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

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