What defines marginal utility? the gain (or loss) from an increase (or decrease) in the consumption of that good or service. Economists sometimes speak of a law of diminishing marginal utility, meaning that the first unit of consumption of a good or service yields more utility [ than the second and subsequent units.

Marginal cost: the change in total cost that arises when the quantity produced changes by one unit.
That is, it is the cost of producing one more unit of a good.
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What will happen according to the law of diminishing marginal utility upon acquiring an additional unit of a product? Consumer satisfaction declines. The law of diminishing marginal utility is at the heart of the explanation of numerous economic phenomena, including time preference and the value of goods... The law says, first, that the marginal utility of each (homogenous) unit decreases as the supply of units increases (and vice versa); second, that the marginal utility of a larger-sized unit is greater than the marginal utility of a smaller-sized unit (and vice versa).

What is defined as an increase in total production expense resulting from one more unit of output? Marginal Cost

What is a change to the total revenue resulting from the sale of one more unit of output in a perfectly competitive firm? Marginal Revenue
Which economic principle describes the imbalance between what people want and what can be produced? Scarcity ***If a company decided to make more of A it must make less of B, what is this? Resource cost or opportunity cost? When the price is increased from $30 to $40, what will happen to the quantity demanded of the good? Quantity demanded will decrease

Management is concerned that a new product just released has generated demand for only 5,000 units. The price of the product is set at $600. According to the law of demand, what must be done to increase the