Question

Suppose bad weather and pollution dramatically reduce the supply of crawfish in louisiana next year. this would most likely lead to _____ in the marginal utility of crawfish consumption.

Answer 1

Suppose bad weather and pollution dramatically reduce the supply of crawfish in Louisiana next year. This would most likely lead to an increase in the marginal utility of crawfish consumption.

Marginal utility of a commodity or service is the change in total utility resulting from consuming an extra unit of that commodity or service.

The marginal utility of a good or service tells about the happiness experienced or the contentment obtained by the consumers as a consequence of the increment or decrement in consumption by one unit.

There exist three kinds of marginal utility. They include positive, negative as well as zero marginal utility.

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