[amp_mcq option1=”Value in use” option2=”Value in exchange” option3=”Both A and B” option4=”None of the above” correct=”option4″]<\/p>\n
The correct answer is: D. None of the above<\/strong><\/p>\n Total utility is the total satisfaction or benefit that a consumer receives from consuming a good or service. It is measured by the marginal utility of each additional unit consumed, which is the additional satisfaction or benefit that the consumer receives from consuming one more unit of the good or service.<\/p>\n Value in use is the usefulness or satisfaction that a consumer derives from a good or service. It is determined by the consumer’s subjective preferences and needs.<\/p>\n Value in exchange is the price that a consumer is willing to pay for a good or service. It is determined by the supply and demand for the good or service in the market.<\/p>\n Therefore, total utility is not measured by either value in use or value in exchange.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”Value in use” option2=”Value in exchange” option3=”Both A and B” option4=”None of the above” correct=”option4″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-46767","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n