Utility
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Last updated 3:54 PM on 11/21/25
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5 Terms
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Utility
Satisfaction gained from consuming a unit
2
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Marginal Utility
Additional satisfaction gained from consuming an extra unit
3
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Total Utility
The total amount of satisfaction gained from consuming the unit
4
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Diminishing Marginal Utility
The more you consume a good, the less additional satisfaction you gain from consuming an extra unit.
5
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Demand curve downward sloping
Due to diminishing marginal utility
Note 
Flashcards (22)