Which of the following statements is true?
A. Total utility is the extra satisfaction from the consumption of a good or service.
B. Marginal utility is the amount of satisfaction received from all the units of a good or service consumed.
C. The law of diminishing marginal utility states that as more of a good or service is consumed total utility decreases.
D. Consumer equilibrium is a combination of goods and services consumed which maximizes total utility from a given budget.
Answer: D
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A) average fixed cost B) average variable cost C) average total cost D) marginal cost
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