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Sagot :
Marginal utility is the slight increase in utility that results from consuming an additional unit.
What phrase describes the notion that a change in price corresponds to a change in quantity demanded?
The degree to which a change in price results in a change in the quantity desired is known as demand elasticity. When a change in price results in a disproportionately bigger change in the quantity required, demand is elastic. When a change in price results in a relatively modest change in the quantity sought, the demand is said to be inelastic.
What is the impact of marginal utility on demand?
The marginal utility of a good, which decreases with each additional unit of consumption in accordance with the law of declining marginal utility, determines the price a customer is prepared to pay for it. As a result, a regular good's price decreases as usage increases.
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