The step-by-step process of finding the choice with highest total utility involves a comparison of the option B. marginal utility gained and lost from different choices along the budget constraint.
The term known to be Marginal utility is known to be the additional form of satisfaction that any given consumer is able to gets from possessing one more unit of a good or service.
Therefore, based on the above, The step-by-step process of finding the choice with highest total utility involves a comparison of the option B. marginal utility gained and lost from different choices along the budget constraint.
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The step-by-step process of finding the choice with highest total utility involves a comparison of the:
A. budget constraint and low-income housing expenses.
B. marginal utility gained and lost from different choices along the budget constraint.
C. household consumption choice budget and the labor-leisure budget using an utilimometer.
D. various categories of economic proverbial wisdom.
