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Fill in the blank with appropriate alternatives given below: ______ utility is the utility derived from the last unit of the commodity consumed.OptionsAverageTotalMarginalZero |
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Answer» Marginal utility is the utility derived from the last unit of the commodity consumed. Explanation: Marginal utility is the addition to the total utility, due to the consumption of an additional unit of a commodity. In other words, it is the utility derived from the last unit of the commodity consumed. Algebraically, MUn = TUn – TUn –1. |
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