Final answer:
The correct answer is b) the additional satisfaction a consumer derives from consuming one additional unit of a good. Marginal utility reflects the additional utility or satisfaction gained from each additional unit consumed and decreases over time due to the law of diminishing marginal utility.
Step-by-step explanation:
The correct answer is b) the additional satisfaction that a consumer derives from consuming one additional unit of a good. Marginal utility refers to the additional utility, or satisfaction, a consumer receives from the consumption of one additional unit of a good or service. This concept is tied to the law of diminishing marginal utility, which states that while the overall satisfaction (total utility) from consuming goods increases with quantity, the satisfaction gained from each additional unit tends to decrease.
For instance, if José buys a T-shirt, the first T-shirt might provide significant satisfaction due to its novelty or need. However, as José purchases more T-shirts, the marginal utility decreases; the additional satisfaction from each new T-shirt is less than the one before because the sense of novelty or urgency diminishes.
To illustrate this, imagine a table where the first column lists the quantity of T-shirts José buys, the second shows the total utility he gains from them, and the third shows the marginal utility from each additional T-shirt purchased. The marginal utility per dollar is then calculated by dividing the marginal utility by the price of the T-shirt, which helps José determine the satisfaction gained per dollar spent.