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The Utility Derived from All Units of the Given Commodity is Called _____________. (A) Average Utility (B) Marginal Utility (C) Place Utility (D) Total Utility - Economics

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Question

The utility derived from all units of the given commodity is called _____________.
(a) average utility
(b) marginal utility
(c) place utility
(d) total utility

Solution

The utility derived from all units of the given commodity is called total utility.
Explanation:
Total utility refers to the summation of utilities derived from the consumption of all the units of a given commodity. It is said to be the aggregate or the sum total of all the utilities derived.

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APPEARS IN

 2012-2013 (March) (with solutions)
Question 1.3.1 | 1.00 mark
Solution The Utility Derived from All Units of the Given Commodity is Called _____________. (A) Average Utility (B) Marginal Utility (C) Place Utility (D) Total Utility Concept: Meaning of Utility.
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